THE peso fell for a fourth straight day on Thursday and returned to the P57:$1 level as investors remained spooked by tensions in the Middle East and despite as-expected policy decisions by the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.
THE peso fell for a fourth straight day on Thursday and returned to the P57:$1 level as investors remained spooked by tensions in the Middle East and despite as-expected policy decisions by the Bangko Sentral ng Pilipinas and the US Federal Reserve. The currency weakened by 47 centavos to P57.45 against the dollar, its weakest close since March 26's 57.69:$1. It opened at the day's trading low of P57.1:$1 rose to as high as P57.45, the level where it eventually closed. Volume reached P1.
' PSEi closes higher The stock market, meanwhile, bucked worries over the situation in the Middle East and closed higher following the Fed's move and ahead of the BSP's rate cut. The benchmark Philippine Stock Exchange index added 19.58 points, or 0.31 percent, to end the day at 6,357.01. The broader All Shares gained 6.39 points, or 0.17 percent, to 3,779.18. Philstocks Financial Inc.
Weakens Further Back At P57:$1 Level
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