Dollar gains on black market

By Dat Nguyen   May 10, 2023 | 12:56 am PT
Dollar gains on black market
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar rose against the Vietnamese dong on the black market Wednesday afternoon.

Unofficial exchange points sold the greenback at VND23,460, up 0.17% from Tuesday.

Most banks raised their rates slightly higher.

Vietcombank sold the dollar at VND23,640 Wednesday, up 0.04%.

Techcombank hiked the rate by 0.04% to VND23,638.

The State Bank of Vietnam raised its reference rate by 0.04% to VND23,630.

The dollar has dropped against the dong by 0.38% since the beginning of the year.

Globally the dollar weakened broadly on Wednesday after U.S. President Joe Biden and top lawmakers failed to break a deadlock on the debt ceiling crisis, though currency moves were marginal amid caution ahead of U.S. inflation data later in the day, Reuters reported.

Biden and House of Representatives Speaker Kevin McCarthy remained divided over raising the $31.4 trillion U.S. debt limit following talks on Tuesday, with just weeks to go before the United States may be forced into an unprecedented default.

The greenback slipped in early Asia trade, with the euro rising 0.11% to $1.0971 and sterling gaining 0.1% to $1.2634.

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