Wednesday , February 8 2023

Dollar falls on black market

The U.S. dollar depreciated over the Vietnamese dong on the black market Tuesday by 0.12% to VND25,020.

It remained unchanged at banks. Vietcombank sold it at VND24,850, and Eximbank at VND24,840.

The rate at Techcombank is VND24,848.

The State Bank of Vietnam (SBV) maintained its reference rate is at VND23,667.

The USD/VND exchange rate has increased by 8.42% since the beginning of the year.

The greenback rebounded in early U.S. trading and added to gains after St. Louis Fed President James Bullard said the U.S. central bank needs toraise interest rates quite a bitfurther and then hold them there throughout next year and into 2024 to gain control of inflation and bring it back toward the Fed’s 2% goal.

The dollar index has fallen to 106.65 from a 20-year high of 114.78 on Sept. 28 on expectations that its rally may have been over stretched and as the Fed looks to slow its pace of rate increases.

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