Dollar declines on black market

By Dat Nguyen   May 8, 2023 | 07:24 pm PT
Dollar declines on black market
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar dropped against the Vietnamese dong Tuesday morning on the black market.

Unofficial exchange points sold the greenback at VND23,420, down 0.13% from Monday.

Vietcombank maintained the dollar at VND23,630.

Eximbank kept the greenback unchanged at VND23,600.

The rate at Techcombank was stable at VND23,620.

The State Bank of Vietnam raised its reference rate by 0.01% to VND23,621.

The dollar has decreased against the dong by 0.42% since the beginning of the year.

Globally the dollar inched higher on Tuesday after a loans survey revealed that credit conditions in the United States were less gloomy than expected, while the pound flirted with a one-year peak ahead of this week’s Bank of England policy meeting, Reuters reported.

The Federal Reserve’s quarterly Senior Loan Officer Opinion Survey (SLOOS) showed that while credit conditions for U.S. business and households continued tightening at the start of the year, it was likely due to the impact of the Fed’s aggressive rate hikes rather than severe banking sector stress.

The closely-watched survey released on Monday was among the first measures of sentiment across the banking sector since the recent run of bank failures, sparked by Silicon Valley Bank’s collapse in March, had spread turmoil in global markets.

The U.S. dollar rode Treasury yields modestly higher after the survey, as traders pared back their expectations on the scale of Fed rate cuts needed later this year to ease the stress on the sector.

The euro was last 0.16% lower at $1.0987, while the Japanese yen slipped 0.1% to 135.24 per dollar.

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