Dollar gains on black market

By Dat Nguyen   March 10, 2023 | 09:09 pm PT
Dollar gains on black market
A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. Photo by Reuters/Dado Ruvic
The U.S. dollar inched up against the Vietnamese dong on the black market Saturday morning but remained stable at banks.

Unofficial exchange points sold the greenback 0.08% higher from Friday at VND23,780.

Vietcombank maintain its rate at VND23,840.

Eximbank also kept the greenback unchanged at VND23,840.

The rate at Techcombank slipped 0.19% to VND23,810.

The State Bank of Vietnam kept its reference rate stable at VND23,639.

The dollar has increased over the dong by 0.46% since the beginning of the year.

Globally dollar weakened on Friday after U.S. labor data for February showed slower wage growth, suggesting an easing of inflation pressures may keep the Federal Reserve's pace of interest rate hikes modest and thereby reduce the greenback's appeal, Reuters reported.

The U.S. economy added jobs at a brisk clip in February, but slower wage growth and a rise in the unemployment rate prompted financial markets to dial back expectations for a 50-basis point rate hike when Fed policymakers meet in two weeks.

The dollar slid against all major currencies, but was essentially flat against the Canadian dollar. The dollar index, a basket of trading currencies, fell 0.618%.

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