Dollar gains little on black market

By Dat Nguyen   May 25, 2024 | 02:30 am PT
Dollar gains little on black market
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar rose slightly against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback 0.12% higher at VND25,770.

Vietcombank kept its rate stable at VND25,477.

The State Bank of Vietnam’s reference rate was unchanged at VND24,245.

The greenback has increased against the dong by 4.33% since the beginning of the year.

Globally the dollar slipped against most major currencies on Friday as traders booked profits after recent gains but the U.S. currency remained well-placed for further advances, supported by strong U.S. economic data that has prompted markets to dial back expectations for interest rate cuts, Reuters reported.

Data on Friday showed new orders for key U.S.-manufactured capital goods rebounded more than expected in April and shipments of these goods also increased, suggesting a pickup in business spending on equipment early in the second quarter.

The dollar was down 0.3% at 104.72 against a basket of currencies on Friday, after advancing in five of the last six trading sessions. For the week the index was up 0.2%.

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