Dollar gains over dong on black market, dips globally

By Dat Nguyen August 23, 2024 | 09:17 pm PT

U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. Photo by Reuters

The U.S. dollar rose slightly against the Vietnamese dong on the black market Saturday morning but weakened against the sterling and the yen.

The greenback was sold at VND25,290 at unofficial exchange points, up 0.04% from Friday.

Vietcombank kept its rate stable at VND25,150.

The State Bank of Vietnam kept its rate unchanged at VND24,250.

The dollar has risen 2.91% against the Vietnamese dong since the beginning of the year.

Globally the dollar fell and sterling rose to its highest in more than two years on Friday after Federal Reserve Chair Jerome Powell gave an unambiguous signal that the long-anticipated U.S. interest rate cut would come next month, Reuters reported.

The weak dollar also saw the euro hit a 13-month high, and the U.S. currency marked a 17-day low versus the yen.

The euro and yen rose. This weakened the dollar index, which measures the greenback against a basket of six currencies including those two. The index fell 0.81% from late Thursday to 100.64, having been slightly firmer before Powell spoke.