US dollar drops on black market

By Thang Pham   April 2, 2023 | 09:08 pm PT
US dollar drops on black market
A person shows U.S. dollars at a currency exchange store in Manila, Philippines, October 21, 2022. Photo by Reuters
The U.S. dollar fell marginally against the Vietnamese dong on the black market Monday morning.

Unofficial exchange points sold the greenback at VND23,480, down 0.17%.

Vietcombank sold the dollar at VND23,660 Monday, up 0.13%.

Eximbank sold the greenback at VND23,640, a 0.13% decrease, while the rate at Techcombank is VND23,655, a 0.03% increase.

The State Bank of Vietnam (SBV)’s reference rate remains at VND23,600.

The dollar has depreciated against the dong by 0.38% since the beginning of the year.

Globally, the U.S. dollar started the week higher as fears over inflation resurfaced after a surprise announcement by major oil producers to cut production further, with traders wagering the Federal Reserve may need to increase interest rates at its next meeting, according to Reuters.

The announcement from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, comes after data on Friday showed U.S. consumer spending rose moderately in February after surging the prior month, with inflation showing some signs of cooling even as it remained elevated.

The euro was down 0.25% to $1.0812, hovering near a one-week low, while the Japanese yen weakened 0.04% to 132.86 per dollar. Sterling was at $1.2305, down 0.22% on the day, having touched a one-week low of $1.22825 earlier in the session.

The dollar index, which measures the U.S. currency against six peers, was last at 102.77, aiming to break through 103 for the first time in a week.

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