Dollar rises on black market

By Dat Nguyen   June 11, 2023 | 08:17 pm PT
Dollar rises on black market
U.S. dollar banknotes are seen in this illustration taken March 10, 2023. Photo by Reuters/Dado Ruvic
The U.S. dollar rose against the Vietnamese dong on the black market Monday morning.

Unofficial exchange points sold the greenback at VND23,550, up 0.13% from Sunday.

Vietcombank let the dollar slide 0.04% to VND23,640.

Eximbank maintained it at VND23,620, and Techcombank 23,645.

The State Bank of Vietnam decreased its reference rate by 0.07% to VND23,700.

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

Globally the dollar held its ground on Monday but was still near multi-week lows against some of its major peers as traders were on guard ahead of central bank meetings this week, including the Federal Reserve’s where it will announce its rates decision, Reuters reported.

The U.S. currency was pinned near a one-month low against the British pound and the Aussie in early Asia trade at $1.25805 and $0.6745, respectively, though moves were subdued with most of Australia closed for a holiday.

"Given the event risks ahead of us, market activity is likely to be relatively muted today," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

The U.S. dollar index clocked a loss of nearly 0.5% last week, its worst weekly drop since mid-April, and was last marginally higher at 103.58.

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