Dollar continues to fall on black market

By Dat Nguyen   November 16, 2022 | 11:59 pm PT
Dollar continues to fall on black market
U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. Photo by Reuters/Dado Ruvic
The U.S. dollar continues to fall against the Vietnamese dong on the black market Thursday, losing 0.25% from Wednesday to VND24,938.

It has dropped 2.2% since the peak of VND25,500 last month.

But the greenback’s value stayed unchanged at VND24,860 at Vietcombank, Eximbank and VIB.

The State Bank of Vietnam also maintained its reference rate at VND23,677.

The USD Index, which measures the greenback’s strength against major currencies, has lost 5% since its peak in early September.

But some analysts said that inflation remains a concern for the U.S. economy and that could drive the dollar up.

"Inflation is likely to remain elevated for some time ... because in the U.S., at least, it's services that are driving inflation, and that can have greater persistency," Salim Ramji, global head of ETFs and index investments at BlackRock, told Reuters Wednesday.

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