Dollar strengthens on black market

By Dat Nguyen   October 13, 2023 | 09:33 pm PT
Dollar strengthens on black market
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar rose against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold it at VND24,620, up 0.29% from Friday.

Vietcombank maintained the greenback at VND24,615.

The State Bank of Vietnam raised its reference rate up 0.04% to VND24,077.

The dollar has increased against the dong by 3.73% since the beginning of the year.

Globally, the U.S. dollar touched a one-week high against a basket of currencies on Friday, extending its gains from the previous session when hot U.S. consumer prices data reinforced expectations that the Federal Reserve may have to keep interest rates higher for longer, Reuters reported.

The U.S. consumer price index (CPI) rose 0.4% in September, keeping the annual rate at 3.7%, the same as in August, while economists polled by Reuters had forecast it would gain 0.3% on the month and 3.6% year-on-year.

The dollar index , which measures the U.S. currency against six of its major peers, ticked up 0.11% to 106.63. The index, which jumped 0.8% on Thursday, its biggest one-day rise since March 15, is on pace to finish the week up 0.5%.

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