Peso peaks at P51 to the US dollar

  • Page Views 956
  • The peso hit an 11-year low of P51.08 to the US dollar on Friday but it was no cause for worry, according to the central bank chief.

    “We’re constantly monitoring peso development for excessive short-term volatility,” Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said Friday. They specially watch peso movements that are “not consistent with underlying economic fundamentals and take appropriate action when necessary.”

    “We recognize that the market is also often self-correcting,” Espenilla added.

    The peso opened higher at P50.90 from Thursday’s closing of P50.79.

    Citi managing director Johanna Chua, head of Asia Pacific economic and market analysis, said they think the peso will close at P51.1:$1 this year and that the current level is just a natural adjustment, a reaction of global and regional foreign exchange or FX movements.

    A number of countries have weaker currencies, said Chua. “Weaker exchange is a natural buffer (and we often see) the BSP talking sanguine about the weaker currency.” In the next months, she said their “bias and expectation of peso-dollar dollar exchange (is it) will head higher.” The bank’s P51.1 forecast is good for six to 12 months.

    Metropolitan Bank and Trust Co. research group expects the peso to range at P50 to P50.95 this week. (Lee Chipongian, mb)

    Share

    New Posts Recently publish post More

    • 21 October 2021
      3 days ago No comment

      Alden Richards continues to scale new heights; renews contract with GMA Network

      A proud Kapuso for over a decade: Alden Richards is a name that needs no introduction. With an impressive thread of local and international recognitions, box-office hits, top-rating series, and chart-topping albums, the Kapuso actor has proven worthy of his title as Asia’s Multimedia Star. Last October 15, Alden ...

    • 21 October 2021
      3 days ago No comment

      ABS-CBN wins Star Awards’ Best TV Station

      ABS-CBN won Best TV Station while its stars and shows also received recognition in the 34th Star Awards for Television held virtually by the Philippine Movie Press Club (PMPC) over the weekend. Among the 24 other winners from the Kapamilya was series Pamilya Ko, which was named Best Primetime ...

    • 21 October 2021
      3 days ago No comment

      Leni-Pacquiao tandem still possible

      Senator Manny Pacquaio has left the door open to stepping aside as a presidential candidate. Pacquaio has indicated that he may be willing to support the presidential bid of current Vice President Leni Robredo in the May 9, 2022 election. Pacquiao said on October 15 that he would be ...

    • 14 October 2021
      1 week ago No comment

      3 Steps to getting your BC Vaccine Card

      Related

    • 14 October 2021
      1 week ago No comment

      Maria Ressa’s Nobel Peace Prize is an international Rebuke of the Duterte Regime

      The Malaya Movement in Canada congratulates Maria Ressa as co-recipient of the 2021 Nobel Peace Prize. In its announcement, the Nobel Committee cited Ms. Ressa’s efforts to safeguard freedom of expression, which is a precondition for democracy and lasting peace. Ms Ressa …[is] receiving the Peace Prize for [her] ...

    %d bloggers like this: