Dollar slips on black market

By Dat Nguyen   August 25, 2023 | 07:38 pm PT
Dollar slips 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 fell against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback at VND24,060, down 0.33% from Friday.

Vietcombank maintained the dollar at VND24,150.

The State Bank of Vietnam lowered its reference by 0.05% to VND23,942.

The dollar has increased by 1.77% against the dong since the beginning of the year.

The U.S. dollar held steady on Friday, on pace to finish the week strong, after Federal Reserve Chair Jerome Powell said the central bank may need to raise interest rates further to ensure inflation is contained, but promised to move "carefully" at upcoming meetings, Reuters reported.

The U.S. dollar index - which measures the currency against six major counterparts - was about flat at $104.06 after rising to 104.44, its highest since June 1.

The index, up 0.6% for the week, was on course for its sixth straight week of gains, aided by signs of resilience in the U.S. economy that has bolstered the case for rates staying higher for longer.

"On balance, this is a modestly less hawkish speech than markets had feared," said Karl Schamotta, chief market strategist at Corpay in Toronto.

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