The local unit closed at P54.985 on Friday, weakening by 28.5 centavos from its P54.70 finish on Thursday, data from the Bankers Association of the Philippines showed. This was the peso’s weakest finish in over 16 years. READ:
The local unit closed at P54.985 on Friday, weakening by 28.5 centavos from its P54.70 finish on Thursday, data from the Bankers Association of the Philippines showed. This was the peso’s weakest finish in over 16 years or since it closed at P55.08 on Oct. 27, 2005.UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O.
Even with the Fed being increasingly hawkish, the BSP last week raised benchmark interest rates by just 25 bps for a second straight meeting to cool rising prices and continued to signal gradual normalization, even as it said it is prepared “to take all necessary policy action” to bring inflation within its target over the medium term.
For this week, Mr. Asuncion said the peso may continue to weaken versus the greenback along with other emerging market currencies due to the risk of a US recession amid the Fed’s aggressive tightening.
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