Dollar drops on black market

By Dat Nguyen   July 7, 2023 | 09:24 pm PT
Dollar drops on black market
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar fell against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback at VND23,750, down 0.21% from Friday.

Banks kept their rates unchanged.

Vietcombank sold the dollar at VND23,810, Eximbank VND23,670, and Techcombank VND23,830.

The State Bank of Vietnam’s reference rate was stable at VND23,833

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

Globally the dollar slumped on Friday after signs of a less resilient U.S. labor market reduced the outlook for how long the Federal Reserves will keep interest rates higher, while the yen surged on concerns the 10-year Treasury's yield rose above 4%, Reuters reported.

The dollar index fell 0.776% at 102.280, while the euro was up 0.72% to $1.0964.

The yen rose 1.37% to 142.13 , a two-week high against the U.S. currency, as the rise in 10-year Treasury's yield above 4% heightened market concerns that Japan might intervene in currency markets, said Joe Manimbo, senior market analyst.

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