Dollar rises against dong on black market

By Ngan Anh   May 20, 2023 | 07:42 pm PT
Dollar rises against dong on black market
U.S. dollar banknotes are displayed in this illustration taken, February 14, 2022. Photo by Reuters
The U.S. dollar increased against the Vietnamese dong on the black market Sunday morning.

Unofficial exchange points sold the greenback at VND23,475, up 0.11% from Monday.Most banks kept their rates unchanged.

Vietcombank sold the dollar at VND23,660 Sunday. Eximbank kept the rate stable at VND23,620, Techcombank at VND23,645, and ACB at VND23,700.

The State Bank of Vietnam (SBV) raised the reference rate 0.03% to VND23,680.

The USD/VND exchange rate has decreased by 0.29% since the beginning of the year.

Globally, the greenback lost ground against a basket of world currencies after Federal Reserve Chairman Jerome Powell's remarks hinted at a slightly dovish shift, opening the door to the possibility of a rate hike pause at the conclusion of next month's policy meeting.

In his remarks, Powell said that uncertainties surrounding the lagging impact of past rate hikes and recent bank credit tightening made it unclear whether more monetary tightening will be necessary, according to Reuters.

The dollar index fell 0.35%, with the euro up 0.32% to $1.0803.

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