Dollar rises slightly against dong on black market

By Minh Hieu March 31, 2024 | 08:54 pm PT

U.S. banknotes seen in an illustration. Photo by Pixabay

The U.S. dollar strengthened marginally against the Vietnamese dong on the black market while remaining steady at banks Monday morning.

Vietcombank sold the dollar at VND24,970, unchanged from the previous day.

The greenback rose 0.04% to VND25,480 at unofficial exchange points.

The State Bank of Vietnam (SBV) kept it reference rate steady at VND24,004.

It has increased against the dong by 2.25% since the beginning of the year.

Globally, the dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention, Reuters reported.

Citi strategists said the Fed remains on track to begin cutting rates in June. "If activity holds up, the Fed might deliver three rate cuts this year. But a further softening in labour markets has us expecting five rate cuts this year."

The euro was 0.06% higher at $1.07945, hovering near its more-than-one-month low of $1.0769 touched last week.

The dollar index , which measures the U.S. currency against six rivals, eased 0.038% to 104.42 but remained close to the six-week high of 104.73 it touched last week.