Dollar gains on black market, skyrockets among peers

By Dat Nguyen October 4, 2024 | 09:02 pm PT

An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

The U.S. dollar gained against the Vietnamese dong on the black market Saturday morning and after jumping to a seven-week high among major peers Friday.

The dollar was sold at VND25,210 at unofficial exchange points, up 0.64% from Friday.

Vietcombank kept its rate unchanged at VND24,940.

The State Bank of Vietnam’s reference rate was stable at VND24,133.

Globally the dollar jumped to a seven-week high on Friday and was on track to post its best week since September 2022 after a surprisingly strong jobs report for September led traders to cut bets that the Federal Reserve will make further 50-basis-point rate cuts, Reuters reported.

The greenback was also set for its best weekly percentage performance against the Japanese yen since 2009 as traders adjusting for a less dovish Fed and a more dovish Bank of Japan sparked a rapid repricing in the currency pair.

The dollar index reached 102.69, the highest level since Aug. 16, and was on track for its best weekly percentage gain since September 2022.