The local currency closed at P54.87 versus the greenback on Thursday, appreciating by 31 centavos from Wednesday’s P55.18 finish, Bankers Association of the Philippines data showed. READ:
PHILIPPINE STAR/ WALTER BOLLOZOS
The local currency closed at P54.87 versus the greenback on Thursday, appreciating by 31 centavos from Wednesday’s P55.18 finish, Bankers Association of the Philippines data showed.Week on week, the peso strengthened by 37 centavos from the previous week’s P55.24 close. Also, the personal consumption expenditures price index, the Fed’s preferred inflation measure, accelerated by 0.6% last month, the biggest increase in six months, bringing the index to 5.4% for the 12 months through January.“The peso so far has been performing better, thanks to the recent BSP hike and BoP data. But the US rate remains to be a threat as it will continue to strengthen the dollar,” the trader said.
The BSP hiked borrowing costs by 50 bps for a second straight meeting on Feb. 16, and hinted at further tightening to help bring down elevated inflation.
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