Dollar slips on black market

By Dat Nguyen December 16, 2023 | 04:52 am PT

An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

The U.S dollar fell against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback at VND24,650, down 0.36% from Friday.

Vietcombank kept the dollar stable at VND24,410.

The State Bank of Vietnam kept its reference rate stable at VND23,882.

The greenback has increased against the dong by 2.87% since the beginning of the year.

Globally, the dollar rebounded on Friday after Federal Reserve Bank of New York President John Williams pushed back against the market’s rate cut expectations, though the dollar index remained on track for its worst weekly performance in a month, Reuters reported.

The dollar tumbled broadly after updated interest rate projections of Fed officials released on Wednesday showed an expectation for 75 basis points in cuts in 2024.

The dollar index was last up 0.56% on the day at 102.52. It fell to 101.76 on Thursday, the lowest since Aug. 10. The index is on track for a weekly loss of 1.39%, the worst weekly performance since Nov. 19.

The euro fell 0.83% to $1.0899. It reached $1.1009 on Thursday, the highest since Nov. 29. Sterling dropped 0.60% to $1.2690, after reaching $1.2793 on Thursday, the highest since Aug. 22.