Connect with us

Hi, what are you looking for?

Economy

Peso inches up on push for US stimulus, vaccination progress

THE PESO inched up against the greenback on Wednesday amid the push for the urgent passage of a stimulus package in the US and the global vaccination drive.

The local unit closed at P48.019 per dollar, up slightly from its P48.053 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso started Wednesday’s trading session at P48.025 per dollar. Its weakest showing was at P48.03 while its intraday best was its closing level.

Dollars exchanged climbed to $1.574 billion on Wednesday from $597.7 million on Tuesday. 

The peso gained on hopes of the faster passage of a fresh US stimulus package, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

US Treasury Secretary Janet Yellen said a new economic forecast showed the country “desperately” needs faster enactment of the proposed $1.9 trillion American rescue plan, Reuters reported.

Ms. Yellen noted that while growth is expected this year, estimates from the Congressional Budget Office showed it will take until 2024 for the country to recover its pre-pandemic job levels.

The peso was also supported by news of progress in vaccinations worldwide, Mr. Ricafort added.

For today, Mr. Ricafort gave a forecast range of P47.99 to P48.05 per dollar. — 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Your email address will not be published.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

Economy

Anyone can be a cybercrime target, so always be on guard. Here are some warning signs from an expert that an online transaction might...

Economy

KAI Sotto has taken his talents from Australia to Japan to play for the Hiroshima Dragonflies. The Dragonflies yesterday announced the signing of the...

Economy

AFTER a 17-year wait, Grandmaster (GM) Darwin Laylo is back on top as the country’s top chess player. The 42-year-old Mr. Laylo recalled the...

Economy

PHILIPPINE pool queen Rubilen Amit is far from calling it a career. But when the time comes, she hopes to leave a legacy not...

Economy

CAVITE Governor Jonvic Remulla will take the place of Samahang Basketbol ng Pilipinas (SBP) President Al Panlilio as the country’s chef-de-mission (CDM) to next...

Economy

THE PREMIER League (PL) has referred Manchester City to an independent commission over more than 100 alleged breaches of finance rules since the club...

You May Also Like

Investing

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...

Investing

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

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...

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...

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.