The local unit closed at P52.25 per dollar on Tuesday, appreciating by 16 centavos from its P52.41 finish on Monday, based on Bankers Association of the Philippines data. READ:
THE PESO strengthened versus the greenback on Tuesday after the central bank raised the possibility of a rate hike within theThe local unit closed at P52.25 per dollar on Tuesday, appreciating by 16 centavos from its P52.41 finish on Monday, based on Bankers Association of the Philippines data.
Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said in an interview with Bloomberg Television that the central bank may consider raising benchmark interest rates at its June 23 meeting. The BSP chief previously said the central bank may begin rate hikes in the second half of this year, and that an increase to 2.5%-2.75% as part of a normalization process is “reasonable.”
World oil prices dropped by about 4% on Monday, with benchmarks reaching their lowest in two weeks due to growing concerns on the impact of the prolonged lockdown in China to demand, Reuters reported.