Dollar rises little on black market

Unofficial exchange points sold the greenback at VND24,980, up 0.04% from Tuesday.

Vietcombank kept its rate unchanged at VND24,710.

The State Bank of Vietnam maintained its reference rate at VND24,017.

The dollar has gained over the dong by 1.19% since the beginning of the year.

Globally the dollar index hovered at a one-month high against a basket of currencies on Wednesday as remarks by Federal Reserve Governor Christopher Waller dampened expectations for a March rate cut, Reuters reported.

Meanwhile, China’s offshore yuan inched up after data showed the world’s second largest economy grew enough in the fourth quarter in 2023 to meet the country’s annual growth target.

In Fed news, Waller said that while the U.S. is “within striking distance” of the Fed’s 2% inflation goal, the central bank should not rush towards cuts in its benchmark interest rate until it is clear lower inflation will be sustained.

The dollar index, a measure of the greenback against a basket of major currencies, last stood at 103.32 after climbing as high as 103.42 during the previous session, its highest level since Dec. 13. Tuesday also saw the dollar’s biggest one-day percentage gain since Jan. 2.