The local unit closed at P52.45 per dollar on Thursday, unchanged from its Wednesday finish, Bankers Association of the Philippines data showed. READ:
THE PESO endedat versus the greenback on Thursday after the central bank hiked benchmark interest rates for theThe local unit closed at P52.45 per dollar on Thursday, unchanged from its WednesdayThe peso opened Thursday’s session at P52.41 versus the dollar. Its weakest showing was at P52.47, while its intraday best was at P52.30 against the greenback.The peso closed flat versus the dollar after the central bank raised borrowing costs from record lows.
“The Monetary Board believes that a timely increase in the BSP’s policy interest rate will help arrest further second-round effects and temper the buildup in inflation expectations,” BSP Governor Benjamin E. Diokno said at an online briefing.The central bank now expects inflation to average 4.6% this year from 4.3% previously, well beyond the 2-4% target. The forecast for next year was also raised to 3.9% from 3.6%.
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