Connect with us

Hi, what are you looking for?

Economy

Peso slips as oil prices spike

THE PESO inched down versus the greenback on Wednesday as oil prices climbed to their highest levels in almost a year.

The local unit closed at P48.069 per dollar yesterday, depreciating by 1.80 centavos from its P48.051 close on Tuesday, data from the Bankers Association of the Philippines showed.

The peso started Wednesday’s session at P48.03 against the dollar. Its weakest level was at P48.07 while its intraday best was at P48.03 versus the greenback.

Dollars traded increased to $635.1 million from the $476.25 million on Tuesday.

The peso depreciated due to higher oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Reuters reported that pump prices rose by more than 1% on Wednesday. Gains were led by Brent crude prices that inched up 1.7% or 79 cents to $57.37 a barrel by 0420GMT while the US West Texas Intermediate price increased 1.3% or 67 cents to $53.88 per barrel.

Both benchmarks saw their prices at their highest since February, prior to the escalation of the virus into a pandemic.

Meanwhile, a trader said the peso slipped as investors await the stimulus package of US President-elect Joseph R. Biden.

Mr. Biden said he will reveal a trillion-dollar worth of package this week that includes state and local government funds for the pandemic, as well as rent and unemployment support.

For today, Mr. Ricafort expects the peso to move within the P48.04 to P48.09 band versus the dollar while the trader gave a wider P48 to P48.20 range. — LWTN 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Your email address will not be published.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!

Latest

Investing

Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...

Investing

UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...

Investing

The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....

Investing

Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

Economy

Expenditures for environmental protection declined by 4.6% year on year in 2021, data from the Philippine Statistics Authority (PSA) showed. The statistics agency’s Compendium...

Investing

BT staff have voted for their first national strike in 35 years, which is expected to affect customers across the country having broadband services...

You May Also Like

Investing

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

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

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

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, 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.