he local unit closed at P53.75 per dollar on Friday, weaker by 28 centavos from its P53.47 finish on Thursday, based on Bankers Association of the Philippines data. READ:
THE PESO may continue to depreciate versus the dollar this week on dovish hints from Bangko Sentral ng Pilipinas oThe local unit closed at P53.75 per dollar on Friday, weaker by 28 centavos from its P53.47 finish on Thursday, based on Bankers Association of the Philippines data.The peso opened Friday’s session at P53.47 versus the dollar. Its weakest showing was at its close of P53.76, while its intraday best was at P53.43 against the greenback.
The Fed hiked its benchmark interest rates by 75 basis points last week. The bigger hike came after US inFor this week, signals from both the outgoing and incoming BSP chiefs that tightening would be gradual for the rest of the year is expected to give minimal support for the peso, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.
Mr. Medalla said the BSP could raise rates more times this year but ruled out hikes bigger than 25 bps.editors last week that the BSP still has the “luxury of time and large reserves.”
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