Dollar declines on black market

By Dat Nguyen   May 15, 2023 | 08:55 pm PT
Dollar declines on black market
A picture illustration shows U.S. 100-dollar bank notes taken in Tokyo August 2, 2011. Photo by Reuters./Yuriko Nakao
The U.S. dollar fell against the Vietnamese dong on the black market Tuesday morning.

Unofficial exchange points sold the greenback at VND23,450, down 0.06% from Monday.

Most banks kept their rate unchanged.

Vietcombank sold the dollar at VND23,620, Eximbank VND23,610, and Techcombank VND23,625.

The State Bank of Vietnam maintained its reference rate at VND23,652.

The dollar has depreciated against the dong by 0.46% since the beginning of the year.

Globally the U.S. dollar remained under pressure on Tuesday, weighed down by the risk of a U.S. default as a standoff between Democrats and Republicans over raising the debt ceiling showed few signs of being resolved, Reuters reported.

The Aussie dollar flipped from early small gains to a loss after economic data from key trading partner China fell short of analysts' forecasts, adding to evidence of a sputtering COVID recovery.

The U.S. dollar index - which measures the currency against a basket of six major peers - was little changed at 102.46, after sliding 0.26% overnight and retreating from a five-month high.

The dollar had been buoyed last week by both safe-haven demand amid weak Chinese economic data and by a surprise jump in U.S. consumer inflation expectations, putting the risk of a June Federal Reserve rate rise back in play.

This week, though, the looming borrowing limit - which Treasury Secretary Janet Yellen reiterated could be hit as soon as June 1 - has forced its way to the front of investor minds.

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