Dollar Gains Ground Against Dong in Black Market Trading
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The U.S. dollar nudged upward on the black market this past Saturday morning, reflecting a subtle shift in the currency landscape. Unofficial exchange points reported selling the greenback at VND 26,550, marking a 0.19% increase from yesterday’s figures. In contrast, Vietcombank held its rate steady at VND 26,110, while the State Bank of Vietnam maintained its reference rate at VND 24,960. So far this year, the dollar has appreciated 3.91% against the dong.
Globally, the dollar experienced a boost on Friday, buoyed by the latest economic data revealing a rebound in import prices. However, consumer sentiment remained weak due to growing tariff concerns, setting the stage for the dollar’s fourth consecutive weekly rise, according to reports from Reuters. The week unfurled with a startling 1% surge on Monday, thanks to a surprising announcement from the U.S. and China—a 90-day pause on the majority of tariffs levied against each other’s goods since early April, which quelled fears of a potential global recession. However, the currency saw some downward pressure later in the week partly attributed to lackluster economic data.
Meanwhile, the dollar index, which gauges the value of the greenback against a selection of currencies, climbed 0.36% to reach 101.13, with the euro slipping 0.37% to $1.1146. It seems the dollar still has a few tricks up its sleeve, keeping traders on their toes.
Questions & Answers
Q.What was the dollar’s new rate on the black market?
What was the dollar’s new rate on the black market?
The dollar was sold at VND 26,550, which represents a 0.19% increase from Friday.
Q.How does the dollar’s movement compare to Vietcombank and the State Bank of Vietnam’s rates?
How does the dollar’s movement compare to Vietcombank and the State Bank of Vietnam’s rates?
Vietcombank’s rate remained unchanged at VND 26,110, while the State Bank of Vietnam held its reference rate steady at VND 24,960.
Q.What factors influenced the dollar’s recent rise?
What factors influenced the dollar’s recent rise?
A rebound in import prices and a 90-day pause on tariffs between the U.S. and China fueled the dollar’s rise, despite ongoing concerns about consumer sentiment and sluggish economic data. LA’s NYX Cosmetics closing in Hong Kong Kit Kat Bar opens in Tokyo, serves new Japanese Umeshu Plum Sake Kit Kats Real Madrid Partners with Alibaba Group to Launch its Official Online Store on Tmall Global in China Darrell Lea cooks up 70 tonnes of Christmas Puddings