Dollar falls against dong on black market
The U.S. dollar fell against the Vietnamese dong on the black market Saturday morning after it declined against the British pound.
The Vietnamese dong experienced a slight depreciation against the U.S. dollar on the black market, falling to VND26,170 per dollar. Vietcombank maintained its exchange rate at VND26,070. Meanwhile, the British pound rose on Friday as the dollar weakened, due to falling oil prices. It was expected to conclude the week with minimal change against the U.S. currency but show an increase relative to the euro.
Currency markets had been volatile in the previous two weeks, driven by significant increases in bond yields worldwide, which were fueled by rising energy prices. The British pound closed the day up by 0.1% at $1.324. However, it plummeted to $1.3184 on Thursday, as the dollar strengthened, marking its lowest level since late June.
An investment bank, ING, suggested that the dollar might remain robust as high energy prices substantiate the argument for additional Federal Reserve interest rate increases, thereby exerting pressure on other currencies. ING's currency strategist, Francesco Pesole, stated that they do not anticipate a widespread U.S. dollar decline.
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