Dollar slips on black market
The U.S. dollar declined slightly against the Vietnamese dong on the black market Saturday morning.
Unofficial exchange points sold the greenback at VND25,980, down 0.15% from Friday.
Vietcombank maintained its rate at VND25,473.
The State Bank of Vietnam’s reference rate was stable at VND24,245.
The dollar has gained over the dong by 4.31% since the beginning of the year.
Globally the U.S. dollar slipped on Friday after data showed inflation in the world’s largest economy subsided last month, cementing expectations the Federal Reserve will start cutting interest rates this year, Reuters reported.
The dollar initially fell against the yen, the currency pair most sensitive to U.S. economic data because of a high, positive correlation to Treasury yields. The greenback, however, edged higher to trade flat on the day, with investors still focused on the wide interest rate differential between the United States and Japan.
The dollar was last up slightly against the Japanese unit at 160.815 yen, after earlier hitting a 38-year high of 161.27 yen. Traders remained on high alert for intervention from Japanese authorities to boost its currency.