Connect with us

Hi, what are you looking for?


Peso inches sideways as investors await BSP decision

THE PESO barely moved against the greenback on Wednesday as investors waited on the sidelines for the policy decision of the Bangko Sentral ng Pilipinas (BSP) and following the latest uptick in oil prices.

The local unit closed at P48.066 a dollar, depreciating from its Tuesday finish of P40.063, data from the Bankers Association of the Philippines showed.

The peso traded within a tight range, opening the session at P48.06 versus the dollar. Its weakest showing was its close of P48.066 while its strongest level was at P48.05 against the greenback.

Dollars exchanged inched up to $499.86 million on Wednesday from the $490.65 million seen on Tuesday.

A trader the peso’s minimal movement on Wednesday came as the market awaits the policy decision of the BSP this Thursday.

The BSP is widely expected to retain the current key policy rates, based on a BusinessWorld poll held last week where 15 analysts said the overnight reverse repurchase rate, currently at a record low of two percent, will remain untouched.

Aside from the BSP policy meeting, the market also tracked the latest uptick in oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Reuters reported that the price of Brent crude rose by 47 cents or 0.9% to $50.76 per barrel while that of the US West Texas Intermediate crude gained 1.3% or 63 cents to $47.62 a barrel on Tuesday.

The trader said trading will remain cautious today as they await the central bank’s policy guidance for 2021.

The trader expects the exchange rate to move around the P48 to P48.10 levels while Mr. Ricafort gave a slightly higher forecast range of P48.02 to P48.12 per dollar. — with Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



BERLIN — The founder of Russia’s only LGBTQ+ museum said he was forced to close its doors on Wednesday after President Vladimir Putin signed...


Philippine lawmakers are looking to tap central bank profits to seed a proposed sovereign wealth fund, after an earlier plan to use pension funds...


Presidential elections drove this year’s Google searches in the Philippines as “Halalan 2022” topped the overall list of trending searches and “precinct finder” landed...


THE UNEMPLOYMENT RATE eased to 4.5% in October, returning to the record-low level last seen in October 2019 before the coronavirus pandemic hit, the...


THE NATIONAL GOVERNMENT’S (NG) outstanding debt hit a record high of P13.64 trillion as of end-October, driven by more domestic and foreign borrowings, the...


MANUFACTURING rose for a fifth straight month in October, reflecting the continued reopening of the Philippine economy, analysts said. Preliminary results of the Philippine...

You May Also Like


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.