Peso back yet again past 56:$1 level
MANILA -The Philippine peso has yet again breached the 56:$1 threshold, losing 28 centavos to close at 56:07:$1 on May 15 ahead of a Monetary Board policy meeting on May 18 that many analysts believe would show a pause in interest rate hikes.
The local currency traded at as weak as 56.09 against the US dollar before ending the day at its weakest in almost a month or since closing at 56.21:$1 last April 19.
The peso depreciated for the third day in a row since closing at 55.67:$1 on May 10.
Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said the peso weakened in the wake of strong signals about a possible pause in the policy rates of the Bangko Sentral ng Pilipinas.
Ricafort said the depreciation happened also amid recent signals on a possible reduction in BS policy rates as early as August if inflation continues to ease.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.