Dollar continues to weaken on black market

By Dat Nguyen   July 16, 2023 | 07:39 pm PT
Dollar continues to weaken on black market
U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. Photo by Reuters/Dado Ruvic
The U.S. dollar fell against the Vietnamese dong on the black market Monday morning.

Unofficial exchange points sold the greenback at VND23,700, down 0.04% from Sunday.

Techcombank raised its rate by 0.01% to VND23,818. Vietcombank maintained it at VND23,810.

The State Bank of Vietnam decreased its reference rate by 0.08% to VND23,701.

The dollar has gained over the dong by 0.34% since the beginning of the year.

Globally a bruised dollar took respite on Monday after suffering its worst weekly drop of the year, as traders waited on economic data and policy decisions before selling it down any further, Reuters reported.

Chinese growth data and loan-rate settings are due later in the session, ahead of U.S. retail sales and British inflation later in the week and a slew of central bank meetings next week.

The euro, which jumped 2.4% last week to a 16-month high, held just below that peak at $1.1228. The yen, also up 2.4% last week, held at 138.69 per dollar.

The dollar’s slide began with yen buying, as investors unwound yen-funded positions in emerging markets, but extended sharply after softer-than-expected U.S. inflation data leant support to wagers that U.S. interest rates will soon peak.

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