Dollar continues to rise on black market

By Minh Nga   February 11, 2023 | 07:44 pm PT
Dollar continues to rise on black market
An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam. Photo by Reuters/Kham
The U.S. dollar continued to go up against the Vietnamese dong on the black market Sunday morning but remained stable at banks.

Unofficial exchange points sold the dollar 0.23% higher at VND23,680.

Vietcombank sold the dollar at VND23,745.

Techcombank and Eximbank maintained the rate at VND23,755, and 23,710, respectively.

The State Bank of Vietnam (SBV)’s reference rate is unchanged at VND23,626.

The USD/VND exchange rate has increased by 0.06% since the beginning of the year.

Reuters reported Saturday that the dollar gained as investors grew concerned about a U.S. inflation report next week that could show a number that is higher than markets forecast amid data showing expectations for a continued rise in prices over the next year.

As the data continued to show positive U.S. momentum, the dollar was on pace for its second weekly rise against a basket of six currencies, a run it has not seen since October, it said.

The University of Michigan surveys on Friday showed a one-year inflation outlook of 4.2%, higher than the final number in January. The overall index of consumer sentiment came in at 66.4, up from 64.9 the prior month.

Federal Reserve Chair Jerome Powell has cited the Michigan survey's inflation outlook as one of the indicators the U.S. central bank tracks, Reuters said.

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