Peso to weaken versus dollar as infections go up bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
March 17, 2021 | 9:00 pm Font Size
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THE PESO weakened further against the greenback on Wednesday as the government reported a wider budget deficit in January and with investors waiting for fresh signals from the US Federal Reserve’s policy meeting.
The local unit closed at P48.725 per dollar yesterday, down by nine centavos from its P48.635 finish on Tuesday, based on data from the Bankers Association of the Philippines.
The peso started the session at P48.65 per dollar. Its weakest point was at P48.74 while its intraday best was at P48.577 against the greenback.
Dollars exchanged increased to $793.7 million yesterday from $721.9 million on Tuesday.
P/$ rate closes at P48 725/$1 mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
The peso closed lower at P48.635 to the US dollar Tuesday, (March 16), from P48.54 the previous day. The weighted average rate depreciated to P48.568 from P48.493. Total volume amounted to $721.9 million, according to the Bankers Association of the Philippines.
Published March 16, 2021, 5:05 PM
Philippine National Bank (PNB) president and CEO, Jose Arnulfo “Wick” Veloso is the new president and chairman of the Bankers Association of the Philippines (BAP), following the retirement of Bank of Philippine Islands’ Cezar P. Consing.
“I am very honored to be elected as president of the BAP. I look forward to collaborating with the government to support their efforts and look for ways to speed up the recovery of the economy,” said Veloso. He also commits to work closely with lawmakers and banking regulators such as the Bangko Sentral ng Pilipinas (BSP) in “building, enhancing or amending banking laws and regulations to help promote economic activity safely.”