Dollar weakens against dong on black market

By Minh Hieu   June 2, 2024 | 10:20 pm PT
Dollar weakens against dong 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 declined slightly against the Vietnamese dong at unofficial exchange points Monday morning while remaining steady at banks.

The dollar is sold at VND25,820 on the black market, down 0.14% from the weekend.

Vietcombank kept the dollar stable at VND25,474.

The State Bank of Vietnam (SBV)’s reference rate was unchanged at VND24,245.

The dollar has increased against the dong by 4.32% since the beginning of the year.

Globally, the currency market started the week cautiously, with the dollar slightly lower on Monday after data last week showed U.S inflation had stabilized in April, keeping the door open for the Federal Reserve to cut interest rates later in the year, Reuters reported.

The dollar posted its first monthly decline of the year in May, weighed down by shifting expectations on when the U.S. central bank will cut rates and by how much.

The dollar index, which measures the U.S. currency against six rivals, was 0.067% lower at 104.51 on Monday. The index fell 1.56% in May.

Sterling was 0.04% higher at $1.27475, while the euro last fetched $1.085325 ahead of the European Central Bank (ECB) policy meeting on Thursday when the central bank is seen as almost certain to cut rates.

The yen was last at 157.15 per dollar on Monday in early trading.

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