Dollar inches up on black market

By Dat Nguyen   March 26, 2023 | 08:53 pm PT
Dollar inches up on black market
U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. Photo by Reuters/Dado Ruvic
The U.S. dollar gained marginally against the Vietnamese dong on the black market Monday morning.

Unofficial exchange points sold the greenback at VND23,500, up 0.08% from the weekend.

Vietcombank maintained the greenback at VND23,680.

Eximbank kept its rate unchanged at VND23,670. Techcombank lowered the dollar by 0.13% to VND23,690.

The State Bank of Vietnam’s reference remained at VND23,602.

The dollar has gained over the dong by 0.21% since the beginning of the year.

Globally the dollar was firm on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system, Reuters reported.

The dollar index, which measures the currency against six rivals, was up 0.078% at 103.060, having gained 0.5% on Friday amid banking jitters, with shares of Deutsche Bank sliding nearly 9%.

Global banking stocks have been battered through the month in the wake of the sudden collapse of two U.S. lenders and the rescue of embattled Swiss bank Credit Suisse last week, with authorities stepping in to ease investors nerves.

On Friday, the U.S. Financial Stability Oversight Council said the U.S. banking system was "sound and resilient" despite stress on some institutions. Investors, though, remain wary.

"Pragmatic action by central banks, governments, and the private sector has thus far been insufficient to allow investors to be confident that the problem is ring-fenced," said Marc Chandler, chief market strategist at Bannockburn Global Forex.

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