Dollar rises on black market

June 18, 2023 | 08:10 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 gained slightly against the Vietnamese dong on the black market Monday morning.

Unofficial exchange points sold it 0.02% higher at VND23,570.

Most banks kept the greenback stable.

Vietcombank sold the dollar at VND23,700, Eximbank VND23,670, and Techcombank VND23,700.

The State Bank of Vietnam decreased its reference rate by 0.06% to VND23,697.

The dollar has dropped against the dong by 0.13% since the beginning of the year.

The U.S. dollar was tentative on Monday as investors tried to assess the monetary policy path ahead after a raft of central bank meetings last week, while the yen was fragile in the wake of the Bank of Japan sticking to its ultra-easy policy, Reuters reported.

The dollar index, which measures the U.S. currency against six major rivals, rose 0.049% to 102.33, not far from a one-month low of 102 it touched on Friday. U.S. markets are closed on Monday for a holiday.

In an action-packed week of central bank decisions, the Federal Reserve left interest rates unchanged on Wednesday but hinted that further hikes were on the way to tame inflation.

The European Central Bank raised interest rates by 25 basis points on Thursday and left the door open to more hikes, with the Bank of Japan rounding off the week by standing pat on its ultra-easy policy.

"The Fed’s hawkish hold means that the bar to a hike next month is low," said Marc Chandler, chief market strategist at Bannockburn Forex in New York.

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