Dollar inches up against dong

By Dat Nguyen February 2, 2023 | 01:22 am PT

A person shows U.S. dollars at a currency exchange store in Manila, Philippines, October 21, 2022. Photo by Reuters/Lisa Marie David

The U.S. dollar gained marginally against the Vietnamese dong on the black market Thursday afternoon.

Unofficial exchange points sold the greenback at VND23,525, up 0.02% from Wednesday.

Vietcombank’s rate remained at VND23,620 for the fifth straight day.

The rate at Techcombank is VND23,620, down 0.01%, and at ACB is VND23,700, unchanged from Wednesday.

The State Bank of Vietnam brought down its reference rate by 0.01% to VND23,608.

The dollar has gained over the dong by 0.46% since the beginning of the year.

Globally the greenback slid after the U.S. Federal Reserve said it had turned a corner in the fight against inflation, giving markets a boost in confidence that the end of the central bank's rate-hike campaign was near, Reuters reported.

The U.S. dollar index fell to a fresh nine-month low of 100.80 on Wednesday.

The euro rose to a roughly 10-month peak of $1.1034 on Thursday and was last 0.3% higher at $1.1023, while sterling moved up 0.14% to $1.2392.

Markets are now expecting the Fed funds rate to peak just under 4.9% by June, compared with earlier expectations of a peak of just below 5%.