Dollar tiptoes up on black market

By Dat Nguyen February 22, 2025 | 04:09 am PT

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

The U.S. dollar rose against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback 0.13% higher at VND25,750.

Vietcombank maintained its rate at VND25,680.

The State Bank of Vietnam’s reference rate was steady at VND24,638.

The dollar has risen 0.78% againt the dong since the beginning of the year.

Globally the dollar rose against a broad range of currencies on Friday including the euro, sterling and those tied to commodities such as the Australian dollar, as investors consolidated positions ahead of the weekend, looked to more inflation data next week and kept an eye on tariff headlines, Reuters reported.

"The greenback is undergoing a technical rebound after suffering a sustained selloff in recent weeks, and other currencies are also seeing risk discounts come back as trade worries return," said Karl Schamotta, chief market strategist, at Corpay in Toronto.

The dollar, however, pared gains after S&P Global data on Friday showing U.S. business activity dropped to a 17-month low this month. It fell again after declines seen in the University of Michigan sentiment report and U.S. existing home sales data.