Dollar drops on black market

By Dat Nguyen January 27, 2024 | 02:00 am PT

U.S. banknotes seen in an illustration. Photo by Pixabay

The U.S. dollar fell on the black market but was steady at banks Saturday morning.

Unofficial exchange points sold the greenback at VND25,035, down 0.32% from Friday.

Vietcombank sold the dollar at VND24,765 Saturday, up 0% from Friday.

The State Bank of Vietnam’s reference rate was stable at VND24,036.

The greenback has increased against the dong by 1.41% since the beginning of the year.

Globally the U.S. dollar inched lower on Friday, after data showed inflation rose modestly in December but was trending lower, which should keep the Federal Reserve on track to cut interest rates by the middle of the year, Reuters reported.

Volume faded in the afternoon ahead of the weekend and as investors braced next week for a slew of important U.S. economic data such as non-farm payrolls for January and key events led by the Federal Open Market Committee meeting and the Treasury's refunding announcement. The latter will outline the U.S. government's borrowing requirements for the upcoming quarter.

On the week, the greenback was on track to post gains for four straight weeks. The dollar index was last down 0.1% at 103.41.