Peso weakens further versus the dollar on Fed chief’s remarks, higher oil prices
BW FILE PHOTO
THE PESO depreciated versus the greenback on Thursday amid higher oil prices and as the US Federal Reserve chief made fresh signals regarding their planned rate hike.
The local unit closed at P51.50 versus the dollar on Thursday, weaker by eight centavos from its P51.42 finish on Wednesday, data from the Bankers Association of the Philippines showed.
The peso opened Thursday’s session at P51.43 per dollar. Its weakest showing was at its close of P51.50, while its intraday best is at P51.42 against the greenback.
Dollars exchanged declined to $789.38 million on Thursday from $1.032 billion on Wednesday.
The peso weakened after the Fed chief signaled anew that a rate increase is coming soon, a trader said in an e-mail.
Fed Chairman Jerome H. Powell said he will back a quarter point increase in interest rates at the Federal Open Market Committee’s meeting from March 15 to 16, Reuters…