MANILA, Philippines–The peso fell on Wednesday after a statement from the Federal Reserve that it is not considering more stimulus measures for the US economy dampened risk appetite of investors.
The local currency closed at 42.80 against the US dollar, down by 11 centavos from the previous day’s finish of 42.69:$1.
Intraday high hit 42.78:$1, while intraday low settled at 42.87:$1. Volume of trade amounted to $878.8 million from $706.40 million previously.
The depreciation of the peso, which mirrored movement of other key Asian currencies, came after the US Fed said it is not poised to implement other stimulus measures in the near future.
Traders said this has dampened appetite of investors for emerging market assets, demand for which is partly affected by liquidity in the United States.