Monday , July 22 2024

Dollar drops slightly on black market

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

Unofficial exchange points sold the greenback at VND24,770, down 0.20%.

Vietcombank maintained it at VND24,420.

The State Bank of Vietnam lowered its reference rate by 0.16% to VND23,866.

It has increased by 2.91% since the beginning of the year.

Globally the dollar edger higher on Friday but is ended 2023 with its first yearly loss since 2020 against the euro and a basket of currencies, on expectations the U.S. Federal Reserve will begin cutting rates next year as inflation moderates, Reuters reported.

Questions for 2024 will be when the Fed begins cuts, and whether the first rate reduction is made to avoid over-tightening as inflation drops, or due to slowing U.S. economic growth.

Against a basket of currencies, the greenback on Friday gained 0.13% to 101.32, rising from a five-month trough of 100.61 reached on Thursday. It is on track to lose 2.10% this year and is down 4.62% this quarter, the worst performance in a year.

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