The local unit closed at P52.27 per dollar on Monday, down by four centavos from its P52.23 finish on Friday, Bankers Association of the Philippines data showed. READ:
THE PESO declined against the dollar on Monday due to higher oil prices and hawkish signals from a US Federal Reserve official. — BW FILE PHOTO
The peso opened Monday’s session at P52.22 against the dollar. Its weakest showing was at P52.37, while its intraday best was at P52.15 versus the greenback.The peso weakened as global oil prices continued to rise, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
Brent crude futures rose 97 cents to $113.52 a barrel at 0651 GMT, while US West Texas Intermediate crude futures climbed 80 cents or 0.73% to $111.08 a barrel, adding to last week’s small gains for both contracts. Mr. Bullard last week said the US central bank should front-load rate hikes at as high as 50 or 75 basis points to quell rising inflHealth authorities last week conrmed the local transmission of a more contagious Omicron subvariant that has become dominant in the United States.
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