Dollar drops on black market

By Dat Nguyen   July 14, 2023 | 09:50 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 VND23,670, down 0.08% from Friday.

Vietcombank maintained the dollar at VND23,810.

Eximbank kept its rate unchanged at VND23,670.

The State Bank of Vietnam’s reference rate remained stable at VND23,720.

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

Globally the U.S. dollar bounced on Friday after falling sharply the last few days, as investors consolidated losses ahead of the weekend, but its trajectory remained tilted to the downside with the Federal Reserve thought near the end of its rate hike cycle amid softening inflation, Reuters reported.

It was still on track for its biggest weekly decline since November against a basket of six major currencies.

The dollar index edged up 0.%2 to 99.923, after touching a 15-month low of 99.574 earlier. The index was down 2.3% for the week.

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