Peso hovers near P50 as dollar surges to 14-year high | ABS-CBN
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Peso hovers near P50 as dollar surges to 14-year high
Peso hovers near P50 as dollar surges to 14-year high
ABS-CBN News
Published Nov 25, 2016 09:39 AM PHT
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Updated Nov 25, 2016 10:33 AM PHT
MANILA – The peso hovered near the P50 level against the dollar on Friday as the greenback surged to 14-year highs ahead of an interest rate increase by the Federal Reserve and US president-elect Donald Trump’s assumption into office.
MANILA – The peso hovered near the P50 level against the dollar on Friday as the greenback surged to 14-year highs ahead of an interest rate increase by the Federal Reserve and US president-elect Donald Trump’s assumption into office.
The peso opened at P49.99 from Thursday’s close of P49.98, according to the Philippine Dealing System. It hit P50 against the dollar in intra-day trading in the previous day.
The peso opened at P49.99 from Thursday’s close of P49.98, according to the Philippine Dealing System. It hit P50 against the dollar in intra-day trading in the previous day.
Some traders said they suspect the central bank intervened to boost the peso from levels not seen since the global financial crisis of 2008.
Some traders said they suspect the central bank intervened to boost the peso from levels not seen since the global financial crisis of 2008.
Finance Secretary Carlos Dominguez said on Thursday that the government was guarding against “abrupt changes” in the exchange rate.
Finance Secretary Carlos Dominguez said on Thursday that the government was guarding against “abrupt changes” in the exchange rate.
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Strong economic data in the US lifted the dollar to its strongest level in 14 years against the world’s top currencies overnight, with the Japanese yen, Chinese yuan and Indian rupee leading losers.
Strong economic data in the US lifted the dollar to its strongest level in 14 years against the world’s top currencies overnight, with the Japanese yen, Chinese yuan and Indian rupee leading losers.
Dominguez earlier said that he preferred a “slightly weak” peso to help boost the purchasing power of families who rely on dollar remittances from overseas Filipinos. -- with reports from Reuters
Dominguez earlier said that he preferred a “slightly weak” peso to help boost the purchasing power of families who rely on dollar remittances from overseas Filipinos. -- with reports from Reuters
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