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Peso falls to P41-to-dollar level


MANILA, Philippines—The peso fell back to the 41-to-dollar territory on Wednesday as the market decided to wait for the results of the policy-setting meeting of the Bankgo Sentral ng Pilipinas on Thursday.

The local currency closed at 41.02 against the US dollar, down by 6.5 centavos from the previous day’s finish of 40.955:$1.

Intraday high hit 40.9:$1, while intraday low settled at 41.04:$1.

Volume of trade amounted to $810.6 million from $493 million previously.

“The movement of the peso was more because the market was on a wait-and-see stance. The market was defensive as they await moves from the BSP,” said Jonathan Ravelas, market strategist for Banco de Oro.

The BSP’s Monetary Board is set to hold a policy-setting meeting on Thursday. Expectations are that the BSP will keep interest rates steady, but the market is unsure whether the monetary authority will implement “macro-prudential measures” (bank regulations) that may affect the entry of excessive and speculative types of foreign portfolio investments.

Ravelas said the drop of the peso might have been partly influenced by concerns over North Korea’s rocket launch, a move that defied international warnings against it.

He said geopolitical tensions created by the development in North Korea led some investors to make their investments safe by shifting to the dollar.

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Tags: currencies , dollar , Finance , Peso , Philippines

  • xkalibur69

    the appreciation of the peso is being manipulated by few people in the money market business industry, they are only speculating,,i.e..,negative news about business in u.s. & e.u.,,which doesnt even affect much of the local business, hence the peso appreciation..

  • xkalibur69

    dapat nga ibalik sa 55p to the dollar, ganyan palitan noong panahon ni erap, mas mura pa nga noon ang price ng gasoline at basic foods, kumpara ngayon, nsa 41p lang palitan pero mas mahal di hamak ang lahat ng bilihin..,,bilang ofw, mas maganda kpag mataas palitan pra mas malakas ang purchasing power ng ofw families sa remittances at ang export industries,,kung gusto ng govt. ibaba ang palitan sa 41 or 40p to dollar, dapat bumaba din lahat ng prices ng basic goods and services..

  • rodben

    Panahon ni Erap 50p = 1 Dollar mura ang bilihin, ngayon 41p = 1 Dollar lampas langit ang presyo ng mga bilihin..Pro-rich strategy ng PSP.

  • oh_noh

    … on to 1:50 !!! :)

    baka business strategy ng bsp *hehe*

    • http://pulse.yahoo.com/_T4UWEQIDXLS7RQXY2DDQTV6MNE carol

      I heard….bsa manipulation, 

  • Iggy Ramirez

    There’s actually no reason for the peso to even hit 45 to a dollar. The  appreciation of the peso is just an artificial manipulation of some corporations to get something out of the exchange rate while those who send money in are unaware that some of what they send are stealthily pilfered. Nobody really benefits from a strong peso but the few who engage in foreign exchange business.

    This government is decrepit, useless, and gay.

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