Quantcast
Latest Stories

Peso drops as investors pocket gains and BSP curbs appreciation

By

AFP PHOTO

MANILA, Philippines—The peso fell on Wednesday in what market players attributed partly to profit-taking by investors and efforts by the central bank to curb the local currency’s appreciation.

The peso closed at 40.625 against the US dollar, down by 5.5 centavos from the previous day’s finish of 40.57:$1.

Intraday high hit 40.6:$1, while intraday low settled at 40.66:$1.

Volume of trade amounted to $954.5 million from $1.05 billion previously.

The peso’s drop on Wednesday came after the local currency hit its highest in nearly five years on Tuesday. Some fund owners were believed to have sold their peso holdings to generate profit after the local currency’s rise against the greenback.

Traders also said the Bangko Sentral ng Pilipinas might be purchasing dollars from the market to prevent a much steeper rise of the local currency.

The BSP allows the peso’s value to be largely determined by the market, but it intervenes from time to time to avoid excessive volatility of the exchange rate.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Bangko Sentral ng Pilipinas , business and finance , currencies , economy , Foreign Exchange , Philippine peso , Philippines , Profit-taking , US dollar

  • seraq

    5 centavos is not a drop, its not even half a percent down, SERIOUSLY

  • oh_noh

    bago maging bayani, namamatay muna…
    ang mga ofws, buhay pa, ginawa nang mga bayani - pinapatay na!!!

    cheers to a strong economy – in paper!

  • http://pulse.yahoo.com/_EDXEVEFHW2ZT5VWHDWBNM6XGE4 RyanE

    Perhaps the administration has totally forgotten the so-called Mga Bagong Bayani, the OFWs.. It’s good to have a strong local currency but this will have a very adverse effect on the OFW’s income..



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Seabed search for missing Malaysian jet to widen
  • Lacson rejects calls to name ‘pork’ execs
  • Obama due in Seoul as North Korea nuclear test fears grow
  • Hold departure order out vs Corona, Singson
  • Malaysia to release MH370 report–PM
  • Sports

  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • Marketplace