Dollar ups on black market

By Dat Nguyen   May 26, 2023 | 08:34 pm PT
Dollar ups on black market
An employee counts U.S. banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung
The U.S. dollar rose against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the dollar at VND23,540, up 0.06%.

Banks kept their rates stable. Vietcombank sold the dollar at VND23,660, Eximbank VND23,630, and Techcombank VND23,650.

The State Bank of Vietnam kept its reference rate unchanged at VND23,711. The dollar has decreased by 0.29% against the dong since the beginning of the year.

Globally the dollar was set for a third straight weekly gain on Friday, as markets raised bets on higher-for-longer interest rates and amid closely watched last-ditch talks on the U.S. debt ceiling.

Apparent progress in the talks between President Joe Biden and top congressional Republican Kevin McCarthy helped ease investor jitters, but doubts remained about when both sides would reach agreement.

The U.S. dollar index, which tracks the currency against six major counterparts, was last down 0.038% on the day at 104.170%.

"There's some positive vibes or at least positive undertones to the debt ceiling talks over the last 24 hours or so," said Bipan Rai, North America head of FX Strategy at CIBC Capital Markets.

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