Dollar falls on black market

By Minh Hieu   April 23, 2024 | 08:36 pm PT
Dollar falls on black market
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar decreased against the Vietnamese dong on the black market while remaining steady at banks Wednesday morning.

The greenback is sold at VND25,700 at unofficial exchange points, down 0.50% from Tuesday.

Vietcombank kept the dollar steady at VND25,487.

The State Bank of Vietnam (SBV)’s reference rate was unchanged at VND24,274.

The dollar has risen by 4.37% against the dong since the beginning of the year.

Globally, the dollar nursed its wounds on Wednesday following big tumbles against the euro and sterling, but the yen remained mired near 34-year lows even as Japanese officials stepped up intervention warnings, Reuters reported.

The dollar's broad overnight losses were driven by a combination of surprisingly robust European activity data and cooling U.S. business growth.

The U.S. dollar index - which measures the currency against six major peers including the euro, sterling and yen - edged 0.07% lower to 105.60 in early Asian trading after slumping 0.4% overnight and touching the lowest level since April 12 at 105.23.

The euro rose 0.11% to $1.071125 following Tuesday's 0.45% rally, after data showed business activity in the euro zone expanded at its fastest pace in nearly a year, primarily due to a recovery in services.

Sterling was last up 0.11% at $1.2461 having jumped 0.79% in the previous session.

"The story remains that the U.S. economy is pretty resilient, and as long as we've got the U.S. economy in this position - with even the possibility of more Fed rate hikes - the risks for the U.S. dollar are still skewed to the upside," said Kyle Rodda, senior financial markets analyst at

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