Dollar on black market inches up

By Dat Nguyen March 8, 2024 | 06:49 pm PT

An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

The U.S. dollar went up against the Vietnamese dong on the black market while remaining steady at banks Saturday morning.

Unofficial exchange points sold the greenback at VND25,380, up 0.12% from Friday.

Vietcombank kept its rate stable at VND24,840.

The State Bank of Vietnam lowered its reference rate by 0.09% to VND23,996.

The greenback has increased against the dong by 1.72% since the beginning of the year.

Globally the dollar traded modestly weaker against most major peers on Friday, and was on pace for its worst weekly showing against the euro this year after mixed data kept an anticipated June interest rate cut from the Federal Reserve on the table, Reuters reported.

The euro was 0.06% lower against the dollar at $1.09425. The common currency hit an eight-week high earlier in the session and was up nearly 1% for the week, its best weekly performance against the buck since the week ended Dec. 22.