The market-determined peso shied away from a P55 exchange rate to the US dollar on Friday, June 24, unlike the past two Fridays when the local currency breached new levels.
The peso closed the week at P54.985, short by P0.015 to hit a 17-year low of P55, versus the strong US dollar.
From its Thursday close of P54.7, the local currency opened at P54.65 on Friday morning. It re-gained some of its value at P54.60 before hitting a high of P54.99. It finally closed at P54.985. The spot market volume totaled $1.401 billion, up from Thursday’s $1.061 billion. BSP Deputy Governor Francisco G. Dakila Jr. said the BSP will leave it to the market to determine the exchange rate. The BSP however is prepared to intervene to protect the peso against speculative attacks.
For now, BSP’s policy of a flexible or free-floating exchange rate versus a fixed exchange rate helps protect the peso against speculative attacks.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Price hike seen for diesel, kerosene next week due to weak peso —DOE execMotorists should brace for another increase in the prices of diesel and kerosene next week due to the Philippine peso&39;s current performance against the US dollar.
Read more »
Oil price hike seen anewPRICES of diesel are seen to increase again to “a little over P1” next week due to the current performance of the Philippine peso against the US dollar.Department of Energy Oil...
Read more »
Era ends as PSE shifts to 'floorless' tradingTHE Philippine Stock Exchange (PSE) marks the end of an era as it closes its trading floor today, June 24, and shifts to virtual or 'floorless' trading.PSE President Ramon Monzon...
Read more »
Spanish fashion retailer Mango to hand over Russian shops - BusinessWorld OnlineMADRID — Spanish fashion retailer Mango is in talks with local partners in Russia to hand over the shops it had temporary closed in March following Moscow’s invasion of Ukraine.
Read more »
No. 1 pick odds lean heavily toward Auburn’s Jabari Smith - BusinessWorld OnlineTHE 2021-22 National Basketball Association (NBA) season came to a close with the Golden State Warriors defeating the Boston Celtics in the NBA Finals.
Read more »