Peso hardly moves as investors wait for BSP policy meetingBy Michelle V. Remo |Philippine Daily Inquirer
MANILA, Philippines—The peso moved sideways on Wednesday as the market awaited the policy rate-setting meeting of the Bangko Sentral ng Pilipinas.
The local currency closed at 40.615 against the US dollar, down by half a centavo from the previous day’s finish of 40.61:$1.
Intraday high hit 40.595, while intraday low settled at 40.645:$1.
Volume of trade amounted to $605.7 million from $1.208 billion previously.
Traders said fund owners were looking for fresh leads as they waited for the first policy rate-setting meeting of the BSP in 2013, to be held on Thursday.
The Monetary Board of the BSP will meet Thursday to decide whether to keep or adjust its key policy rates, or whether to tweak other policies affecting liquidity in the economy.
The BSP’s key policy rates are closely monitored by the market given their influence on yields of financial instruments.
BSP Governor Amando Tetangco earlier said interest rates might remain benign, although the need for further rate reduction has not become pronounced, given the favorable growth of the economy.