Peso dips on news of slight increase in inflation rate
More News from Philippine Daily Inquirer
The local currency closed at 40.645 against the US dollar, down by 5 centavos from the Monday’s finish of 40.595:$1.
Intraday high hit 40.62:$1, while intraday low settled at 40.65:$1.
Volume of trade amounted to $740.4 million from $938.5 million previously.
The depreciation of the peso came following the release of a report showing that inflation settled at 3 percent in January, faster than the 2.9 percent registered the previous month.
Some economists said inflation might accelerate further in the coming months, although would likely remain within the government’s target band of 3 to 5 percent.
Traders said inflation, which would reduce the value of investment yields, would be a key factor to be considered by fund owners in making investment decisions.
For its part, the BSP said inflation would likely remain below 4 percent this year but added it would implement measures should existing factors affecting prices change.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
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