2 months PH currency hits P50:$1 level Manilatimes |Biz
THE Philippine peso recorded its strongest level so far against the US dollar this year as the expected US Federal Reserve interest rate cut helped the local currency to return to P50:$1 on Tuesday. The peso, which opened at P51.02 against the greenback, gained 20 centavos to close at P50.89, its strongest in more than 18 months, or since its P50.84:$1 finish on January 26, 2018. Union Bank of the Philippines chief economist Carlo Asuncion credited the strength to expectations that the American central bank would cut its rate on Wednesday.
“An accommodative US monetary policy usually strengthen emerging markets’ ... more