Dollar inches up against dong on black market

Dollar inches up against dong on black market
Dollar inches up against dong on black market

By Minh Hieu  May 5, 2024 | 08:40 pm PT

An employee counts US banknotes at a bank in Ho Chi Minh City. Photo by VnExpress/Thanh Tung

The US dollar rose against the Vietnamese dong on the black market while remaining stable at banks Monday morning.

The greenback is sold at VND25,790 on the black market, up 0.08% from the weekend.

Vietcombank’s dollar selling rate remained steady at VND25,457.

The State Bank of Vietnam kept its reference rate unchanged at VND24,245.

The dollar has increased against the dong by 4.25% since the beginning of the year.

Globally, the dollar was broadly steady on Monday as a soft US jobs report boosted wages that the Federal Reserve may still cut rates twice this year, while the yen was a tad weaker to start the week, Reuters reported.

On Monday, the yen weakened 0.43% to 153.62 per dollar in early trading, having touched a three-week high of 151.86 on Friday, as the dollar lost additional ground after the jobs data.

The dollar index, which measures the US currency against six rivals, was at 105.12, having touched a three-week low of 104.52 on Friday.

The euro was up 0.07% at $1.0765, while the sterling was last at $1.2547, up 0.02% on the day.

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