Dollar declines on black market

By Dat Nguyen   April 24, 2023 | 11:42 pm PT
Dollar declines on black market
U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Photo by Reuters/Dado Ruvic
The U.S. dollar fell against the Vietnamese dong Tuesday morning on the black market.

Unofficial exchange points sold the greenback 0.09% lower at VND23,480.

Vietcombank kept the dollar stable at VND23,650.

Eximbank maintained it at VND23,640, and Techcombank kept it unchanged at VND23,670.

The State Bank of Vietnam lowered its reference rate by 0.01% to VND23,638.

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

Globally the dollar was on the back foot and the euro climbed on Tuesday, as regional bank jitters had traders expecting U.S. interest rate cuts before long, while in Europe a 50 basis point hike remains a live option at next week’s central bank meeting, Reuters reported.

The euro rose above $1.10 overnight and was still going at $1.1062 early in the Asia session. Trade was thinned by holidays in Australia and New Zealand and ahead of central bank meetings in Japan on Friday and the U.S. and Europe next week.

European Central Bank (ECB) board member Isabel Schnabel told Politico that a 50 bp rate hike was not off the table and would depend on data - notably inflation figures due two days before May’s meeting.


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