Dollar inches up on black market

By Dat Nguyen   February 16, 2024 | 10:18 pm PT
Dollar inches up on black market
U.S. dollar bills. Photo by Pexels
The U.S. dollar rose against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback 0.68% higher at VND25,220 on the black market.

Vietcombank kept the rate steady at VND24,680.

The State Bank of Vietnam’s reference rate was stable at VND23,971.

The greenback has increased against the dong by 1.06% since the beginning of the year.

The dollar retreated on Friday amid concerns about the strength of the U.S. economy after higher-than-expected producer prices raised expectations that the Federal Reserve will desist from cutting interest rates until at least the middle of the year, Reuters reported.

The dollar index, a gauge of the greenback's value versus six major currencies, was on track for a fifth straight week of gains. It last rose 0.01% to 104.26, and was up about 0.12% for the week.

The euro rose 0.04% to $1.0775, while the yen weakened 0.22% to 150.23 per dollar.

The yen has touched 150 the last few days, putting the market on high alert to a possible intervention by Japanese authorities to weaken the yen.

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