Dollar weakens on black market

By Dat Nguyen   April 5, 2024 | 10:19 pm PT
Dollar weakens on black market
An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy
The U.S. dollar dropped against the Vietnamese dong on the black market Saturday morning.

Unofficial exchange points sold the greenback at VND25,485, down 0.12% from Friday.

Vietcombank kept the dollar unchanged at VND25,120.

The State Bank of Vietnam kept its reference rate unchanged at VND24,038.

The greenback has gained over the dong by 2.87% since the beginning of the year.

Globally the dollar strengthened on Friday but was still set for a weekly loss after data showed U.S. employers hired far more workers than expected in March, potentially delaying anticipated interest rate cuts from the Federal Reserve this year, Reuters reported.

The dollar index was last up 0.048% at 104.27, after rising to 104.690 It has had a turbulent week, falling from a five-month high to a two-week low after an unexpected slowdown in U.S. services growth supported expectations of Fed rate cuts.

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