Dollar slips on black market

By Dat Nguyen   December 23, 2022 | 10:09 pm PT
Dollar slips 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 0.083% to VND23,980 at unofficial exchange points Saturday morning.

Most banks kept the rate unchanged. Vietcombank sold the greenback at VND23,750.

Eximbank maintained the rate at VND23,720.

But Techcombank raised it up 0.13% to VND23,770.

The State Bank of Vietnam kept the reference rate unchanged at VND23,631.

On Friday the dollar slid against most currencies as data signaled that the U.S. economy is cooling a bit, reinforcing expectations of smaller interest rate increases from the Federal Reserve and improving investors' risk appetite, Reuters reported.

The euro rose 0.2% against the dollar to $1.0619.

"The inflation data is moving in the right direction, although not fast enough and the growth in the U.S. economy has not been hindered significantly. It's growing still at a gradual pace and there's no choking of the economy just yet," said Amo Sahota, executive director at FX consulting firm Klarity FX in San Francisco.

The Fed is widely expected to raise interest rates by just 25 basis points at its next policy meeting, in January, after multiple big increases.

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