Dollar strengthens on black market

[DT_MEMBER]

Unofficial exchange points sold it at VND24,620, up 0.29% from Friday.

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Vietcombank maintained the greenback at VND24,615.

Vietcombank's USD/VND exchange rate

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Jan '23
May '23
Sep '23
23 500
23 750
24 000
24 250
24 500
24 750

The State Bank of Vietnam raised its reference rate up 0.04% to VND24,077

The dollar has increased against the dong by 3.73% since the beginning of the year.

Globally, the U.S. dollar touched a one-week high against a basket of currencies on Friday, extending its gains from the previous session when hot U.S. consumer prices data reinforced expectations that the Federal Reserve may have to keep interest rates higher for longer, Reuters reported.

The U.S. consumer price index (CPI) rose 0.4% in September, keeping the annual rate at 3.7%, the same as in August, while economists polled by Reuters had forecast it would gain 0.3% on the month and 3.6% year-on-year.source

[Don Pedro Dinero]

That's what usually happens when the war drums beat. With all the devaluation the dollar has undergone over the years due to massive printing, it turns out that it is less bad than all other currencies in the event of conflict because it is the most in-demand currency. So nothing new.

[wajik-tempe]

The demand for the US dollar, which is most likely seen as a safe haven currency, can have an effect on the value of other currencies. Despite concerns about devaluation owing to monetary policy, persistent demand for the dollar in such instances contributes to its resiliency.