Dollar inches up at banks, down on black market

By Minh Hieu   March 21, 2024 | 10:55 pm PT
Dollar inches up at banks, down 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 at banks while it fell slightly against the Vietnamese dong on the black market Friday morning.

Vietcombank sold the dollar at VND24,970, up 0.08% from Thursday.

The greenback fell 0.21% to VND25,537 at unofficial exchange points.

The State Bank of Vietnam (SBV)’s reference rate is at VND24,003, down 0.01%.

The dollar has increased against the dong by 2.25% since the beginning of the year.

Globally, the U.S. dollar was set for a second week of broad gains on Friday, with even a rate hike in Japan unable to dislodge it, as investors figure U.S. rates are high and not falling yet, Reuters reported.

Dollar/yen is up 1.6% this week and near levels that prompted Japanese intervention in 2022, which has investors nervous but also looking for other currencies to buy and pocket the "carry", or difference between interest rates.

Against the dollar the euro has slipped about 0.2% this week into middle of a range it has held for a year at $1.0862.

The U.S. dollar index is up for a second week in a row, climbing 0.5% to 103.94.

"With this tweaking and pricing out of the number of Fed cuts, we see the dollar support slowly beginning to come back into the picture," said Patrick Hu, G10 currency trader at Citi.

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