Dollar gains on black market

Unofficial exchange points sold the greenback at VND23,695, up 0.28% from Friday.

Banks kept their rates unchanged.

Vietcombank sold the dollar at VND23,750, Eximbank VND23,670 and Techcombank VND23,762.

The State Bank of Vietnam’s reference rate was stable at VND23,800.

The dollar has gained over the dong by 0.08% since the beginning of the year.

The dollar index was lower on Friday following two straight days of gains, after economic data showed a cooling in consumer spending, raising some doubt about the potential aggressiveness of the Federal Reserve in fighting inflation.

U.S. Treasury yields were also mostly lower after the data.

The Commerce Department said consumer spending ticked up 0.1% in May while data for the prior month was revised to show spending accelerated by 0.6% versus the previously reported 0.8%.

The personal consumption expenditures (PCE) gained 0.1% for the month after an 0.4% rise in April while advancing 3.8% on an annual basis, slowing from a revised 4.3% the prior month.