Dollar slips on black market

By Dat Nguyen   March 31, 2023 | 06:54 pm PT
Dollar slips 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 fell marginally against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback at VND23,520, down 0.04% from Friday.

Vietcombank kept the dollar unchanged at VND23,630.

The greenback was stable at Eximbank at VND23,670.

Techcombank also maintained it at VND23,648.

The State Bank of Vietnam kept its reference rate unchanged at VND23,600.

The dollar has depreciated against the dong by 0.42% since the beginning of the year.

Globally the dollar rose against the euro on Friday but was on track for its fifth straight weekly loss against the common currency, after slower U.S. consumer spending growth boosted hopes the Federal Reserve would be less aggressive in hiking interest rates, Reuters reported.

U.S. consumer spending rose moderately in February after surging the prior month, and while inflation showed signs of cooling it remained elevated, which could prompt the Fed to raise interest rates once more this year.

Data showed euro zone inflation dropped by the most on record in March, but core price pressures, which exclude food and energy, accelerated, maintaining pressure on the European Central Bank to keep raising rates.

The euro was 0.48% lower at $1.0852 after the data. The European currency was up 0.8% in its fifth straight week of gains against the greenback, the longest such streak since August 2020.

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