THE PESO inched up against the dollar on Monday as the central bank’s surprise rate hike last week continued to boost market sentiment. — BW FILE PHOTO-cycle hike of the Bangko Sentral ng Pilipinas last week and amid a decline in local pump prices.
The peso opened Monday’s session stronger than its Friday close at P56.30 versus the dollar. Its lowest showing for the day was at P56.39, while the peso’s intraday best was at P56.27 against the greenback.“The peso slightly appreciated from the lingering impact of the strong BSP rate hike last week,” a trader said in a Viber message.-cycle move, raised its benchmark interest rates by an all-time high 75 bps on Thursday amid growing risks to inBSP Governor Felipe M.
“Market sentiment also supported by another price rollback in local fuel pump prices as global oil prices remained among two-month lows recently, as well as the recent easing of US Treasury yields amid US recession concerns and softer China economic data recently due to some lockdowns/COVID concerns,” Mr. Ricafort said.