Dollar continues to dip on black market

By Dat Nguyen   January 9, 2023 | 07:45 pm PT
Dollar continues to dip 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 dropped against the Vietnamese dong on the black market Tuesday morning.

Unofficial exchange points sold the greenback at VND23,520, down 0.55% from Monday.

Vietcombank kept its rate unchanged at VND23,620.

Eximbank sold the dollar at VND23,580, and Techcombank VND23,640, same as Monday.

The State Bank of Vietnam lowered its reference rate by 0.01% to VND23,603.

The U.S. dollar languished near a seven-month low against other major currencies on Tuesday, as investors took heart that the Federal Reserve may be nearing the end of its rate-hike cycle and as China’s reopening drove demand for riskier assets, Reuters reported.

Against a basket of currencies, the U.S. dollar index edged 0.04% higher to 103.21, after tumbling 0.7% and touching a seven-month low of 102.93 in the previous session.

"The dollar’s big climb down has begun," said George Saravelos, head of FX research at Deutsche Bank.

"Hedge funds managers have turned slightly bearish dollar following the full reopening in China," said Tareck Horchani, head of head of prime brokerage dealing at Maybank Securities.

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