Dollar declines on black market

By Dat Nguyen   June 16, 2023 | 08:50 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 declined marginally against the dong on the black market Saturday morning.

Unofficial exchange points sold the greenback at VND23,565, down 0.04% from Friday.

Most banks maintained the rates.

Vietcombank sold the dollar at VND23,700, Eximbank VND23,670, and Techcombank VND23,690.

The State Bank of Vietnam kept its reference rate stable at VND23,711.

The dollar has fallen against the dong by 0.13% since the beginning of the year.

On Friday the yen fell to a new 15-year low against the euro after the Bank of Japan (BOJ) kept ultra-low interest rates and forecast that inflation will slow later this year in contrast with the European Central Bank’s (ECB) rate hike on Thursday.

Against the U.S. dollar, the Japanese currency fell 0.6% to 141.22 yen.

Elsewhere, the euro was poised for its best week in three months after the ECB raised borrowing costs to a 22-year high and signaled further rate hikes to come.

The euro flattened at $1.0951 after rising to a one-month high against the dollar, having surged over 1% on Thursday following the rate hike and forward guidance from the ECB.

Sterling edged 0.1% higher at $1.2793 after rising to its highest level since April 2022 as traders similarly ramped up bets that the Bank of England is likely to raise interest rates for the 13th meeting in a row next week.

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