Dollar gains on black market

By Dat Nguyen   January 11, 2023 | 03:55 am PT
Dollar gains 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 surged against the Vietnamese dong Wednesday afternoon on the black market.

Unofficial exchange points sold the greenback at VND23,650, up 0.55%.

Vietcombank sold the dollar at VND23,610 Wednesday, down 0.04% from Tuesday.

Eximbank, Techcombank and ACB kept the rate unchanged between VND23,580 and VND23,800.

The State Bank of Vietnam maintained its reference rate at VND23,604.

The dollar mostly held its ground on Wednesday in spite of downward pressure from lower bond yields and higher stocks, as traders waited on this week's U.S. consumer price data to see whether it will confirm that inflation is in retreat, Reuters reported.

The greenback has lost about 11% against the common currency since hitting a 20-year peak in September, as investors have started to anticipate easing inflation and with it a falling dollar as the need for more interest rate hikes wanes.

"It's becoming harder to argue a stronger dollar story, very clearly," ING chief economist Rob Carnell said.

"But it still remains a difficult one to argue a really strong euro story," he said, which is holding back wider losses for the dollar as the euro/dollar pair sets the broad tone.

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