The local currency ended at P54.54 versus the greenback on Monday, steady from Friday’s finish, data from the Bankers Association of the Philippines showed. READ:
THE PESO closed unchanged against the dollar on Monday as negative sentiment brought by developments in the United States was oThe local currency ended at P54.54 versus the greenback on Monday, steady from Friday’sThe peso opened Monday’s trading session at P54.40 per dollar. Its weakest showing was at P54.60, while its intraday best was at P54.30 against the greenback.The local currency was steady on Monday amid mixed developments, a trader said in an e-mail.
The US government hit its $31.4-trillion borrowing limit on Thursday, equivalent to around 120% of the country’s annual economic output. The economy likely grew by 6.8% in the October-to-December period in 2022, according to the median forecast of 23 economists polled by. This is slower than the 7.6% expansion in the third quarter and the 7.8% print in the same period in 2021.
Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message the peso closed unchanged “after latest signals acknowledging the recent strength or appreciation of the peso.”
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