Dollar weakens on black market
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The U.S. dollar fell against the Vietnamese dong on the black market Tuesday morning. Unofficial exchange points sold the greenback at VND25,690, down 0.35% from Wednesday.
Vietcombank kept its rate unchanged at VND25,457. The State Bank of Vietnam’s reference rate was stable at VND24,245.
The dollar has risen over the dong by 4.16% since the beginning of the year.
Globally, the dollar hung around five-week lows on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a rate cut in September, while cryptocurrencies gained on rising odds of former President Donald Trump getting reelected.
Powell said on Monday that the three U.S. inflation readings over the second quarter of this year “add somewhat to confidence” that the pace of price increases is returning to the Fed’s target sustainably.
The euro was a shade lower at $1.0893, while sterling last fetched $1.2967. The dollar index, which measures the U.S. unit versus six peers, was at 104.3, not far from the one month low of 104 it touched on Monday.
Questions & Answers
Q.By how much did the U.S. Dollar fall against the Vietnamese dong on the black market?
By how much did the U.S. Dollar fall against the Vietnamese dong on the black market?
The greenback was down 0.35% from Wednesday on the black market, with unofficial exchange points selling it at VND25,690.
Q.What is the official rate for the U.S. Dollar at Vietcombank?
What is the official rate for the U.S. Dollar at Vietcombank?
Vietcombank kept its rate unchanged at VND25,457. The State Bank of Vietnam's reference rate was stable at VND24,245.
Q.What has been the overall trend for the dollar against the dong this year?
What has been the overall trend for the dollar against the dong this year?
Since the beginning of the year, the dollar has risen against the dong by 4.16%, despite the recent black market fall.
Q.What caused the dollar to weaken globally?
What caused the dollar to weaken globally?
Comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, contributing to the dollar's five-week low.