MANILA - The Philippine peso ended yesterday at its nine-month high against the US dollar but the benchmark for local share prices slipped partly due to wait-and-see stance statement from Federal Reserve chair Jerome Powell.
The peso ended the day at 51.91 from 52.025 a day ago, which Bank of the Philippines Research attributed to Malacanang’s statement that President Rodrigo Duterte wants continuity in the Bangko Sentral ng Pilipinas.
This, even as the President has yet to appoint the successor of BSP Governor Nestor Espenilla Jr., who succumbed to cancer Saturday.
Union Bank chief economist Carlo Asuncion traced the peso’s strengthening to the BSP’s efforts to increase its foreign reserves as well as to news on the positive path of the trade discussions between the US and China.
For the day, the peso opened at 52.00 from 51.955 Tuesday. It traded between 52.08 and 51.905, resulting to an average of 52.006.
Volume of trade reached USD1.15 billion, up from the USD909.11 million a day ago.
The currency pair is seen to trade between 51.90 and 52.10 today.*PNA
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