Dollar inches up on black market

By Dat Nguyen   May 12, 2023 | 10:33 pm PT
The U.S. dollar rose against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback 0.06% higher from Friday at VND23,465.

Most banks maintained the same rate as the previous day.

Vietcombank sold the dollar at VND23,640, Eximbank VND23,610, and Techcombank VND23,627.

The State Bank of Vietnam kept its reference rate stable at VND23,640.

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

Globally The U.S. dollar rose against the euro and sterling on Friday, and was on track for its biggest weekly gain since February, as investors shifted to safe havens after consumer sentiment data fueled concern about the U.S. debt ceiling and monetary policy, Reuters reported.

The pound fell 0.5% to $1.2448, while the euro weakened 0.6% to $1.0851, a day after falling to a one-month low.

That left the dollar index up 0.6% at 102.69, notching a weekly gain of 1.4% - its biggest weekly rise since February.

Joe Manimbo, senior market analyst at Convera, noted that elevated U.S. inflation spurred some skepticism about the Fed's year-end rate cuts, and that the view that other central banks may be closer to pausing rate hikes as well has weighed on European currencies.

"Dollar gains this week have been multidimensional. The buck has served as a safe harbor from worries about a weak Chinese economy and volatility on Wall Street," Manimbo wrote.

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