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Economist weighs impact of peso depreciation vs. US dollar

WEAKER PESO SEEN.The Philippine peso is seen to weaken further against the US dollar on expectations for more hikes in the Bangko Sentral ng Pilipinas' (BSP) key rates. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort cited that while this has benefited several sectors, the upticks in prices of fuel and other commodities have erased gains from the peso's weakening.(Photo from RCBC) MANILA -The Philippine peso is seen to weaken further against the US dollar as central banks continue to hike key rates to help address the elevated inflation rate and to withdraw pandemic-related measures. On Friday, the local currency almost touched the 55-level against the greenback when it depreciated to 54.999 mid-trade. It finished the week at 54.985 against the US dollar, its weakest in more than 16 years or since October 27, 2005 when it ended the trade at 55.08. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort, in a reply to questions f ....

San Carlos , Negros Occidental , Michael Ricafort , Bangko Sentral , Rizal Commercial Banking Corporation , Philippine News Agency , National Capital Region , Commercial Banking Corporation , Monetary Board , Weaker Peso Seen The Philippine Is To Weaken Further Against Us Dollar On Expectations For More Hikes In Bangko Sentral Ng Pilipinas 39 Bsp Key Rates Rizal Commercial Banking Corporation Rcbc Chief Economist Michael Ricafort Cited That While This Has Benefited Several Sectors , He Upticks In Prices Of Fuel And Other Commodities Have Erased Gains From The Peso 39s Weakening Photo Rcbc Manila Philippine Is Seen To Weaken Further Against Us Dollar As Central Banks Continue Hike Key Rates Help Address Elevated Inflation Rate Withdraw Pandemic Related Measures On Friday , He Local Currency Almost Touched The 55 Level Against Greenback When It Depreciated To 54 999 Mid Trade Finished Week At 985 Us Dollar , Ts Weakest In More Than 16 Years Or Since October 27 , 005 When It Ended The Trade At 55 08 Rizal Commercial Banking Corporation Rcbc Chief Economist Michael Ricafort , Na Reply To Questions From The Philippine News Agency , Uot The Peso Exchange Rate Would Now Be Partlya Function Of Expected Hike In Local Policy Rates Coming Months Quot Bangko Sentral Ng Pilipinas 39 Bsp Making Monetary Board Mb Has Increased Central Bank 39s Key Bya Total 50 Basis Points , 5 Basis Points Each Last May 19 And June 23 Both Decisions Were Made To Help Address The Accelerating Inflation Rate , Hich Surpassed The Government 39s 2 4 Percent Target Band Since Last April When It Rose To 9 And Then 5 Following Month Average Inflation Date Is At 1 Monetary Authorities Project This Year Due Rise In Global Oil Non Commodity Prices As Well Domestic Supply Issues For Fish , Mong Others Economists Said The Bsp Needs To Also Increase Its Key Rates Limit Interest Rate Differentials With Us , Ollowing The Total Of 150 Basis Points Increase In Fed Rates Since Last March To Date , He Bsp 39s Overnight Reverse Repurchase Rrp Rate Is At 2 5 Percent While The Fed Key Rates Now Between 1 75 Ricafort Said Quot Peso Depreciation In Recent Weeks Months Already More Than Makes Up For Narrower Premium Interest Differentials Philippines And Us Borrowing Relatively , E Said Depreciation Of The Local Currency Is Inflationary As This Lowers Value Peso Against Us Dollar , Hich In Turn Makes Imported Products Such As Oil And Other Commodities , Hich Have Been Posting Record Highs , Ricier Quot Thus , Eaker Peso And Higher Global Commodity Prices Would Lead To Import Overall Inflation ,

Economist weighs impact of peso deprecation vs. US dollar

WEAKER PESO SEEN.The Philippine peso is seen to weaken further against the US dollar on expectations for more hikes in the Bangko Sentral ng Pilipinas' (BSP) key rates. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort cited that while this has benefited several sectors, the upticks in prices of fuel and other commodities have erased gains from the peso's weakening.(Photo from RCBC) MANILA -The Philippine peso is seen to weaken further against the US dollar as central banks continue to hike key rates to help address the elevated inflation rate and to withdraw pandemic-related measures. On Friday, the local currency almost touched the 55-level against the greenback when it depreciated to 54.999 mid-trade. It finished the week at 54.985 against the US dollar, its weakest in more than 16 years or since October 27, 2005 when it ended the trade at 55.08. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort, in a reply to questions f ....

San Carlos , Negros Occidental , Michael Ricafort , Bangko Sentral , Rizal Commercial Banking Corporation , Philippine News Agency , National Capital Region , Commercial Banking Corporation , Monetary Board , Weaker Peso Seen The Philippine Is To Weaken Further Against Us Dollar On Expectations For More Hikes In Bangko Sentral Ng Pilipinas 39 Bsp Key Rates Rizal Commercial Banking Corporation Rcbc Chief Economist Michael Ricafort Cited That While This Has Benefited Several Sectors , He Upticks In Prices Of Fuel And Other Commodities Have Erased Gains From The Peso 39s Weakening Photo Rcbc Manila Philippine Is Seen To Weaken Further Against Us Dollar As Central Banks Continue Hike Key Rates Help Address Elevated Inflation Rate Withdraw Pandemic Related Measures On Friday , He Local Currency Almost Touched The 55 Level Against Greenback When It Depreciated To 54 999 Mid Trade Finished Week At 985 Us Dollar , Ts Weakest In More Than 16 Years Or Since October 27 , 005 When It Ended The Trade At 55 08 Rizal Commercial Banking Corporation Rcbc Chief Economist Michael Ricafort , Na Reply To Questions From The Philippine News Agency , Uot The Peso Exchange Rate Would Now Be Partlya Function Of Expected Hike In Local Policy Rates Coming Months Quot Bangko Sentral Ng Pilipinas 39 Bsp Making Monetary Board Mb Has Increased Central Bank 39s Key Bya Total 50 Basis Points , 5 Basis Points Each Last May 19 And June 23 Both Decisions Were Made To Help Address The Accelerating Inflation Rate , Hich Surpassed The Government 39s 2 4 Percent Target Band Since Last April When It Rose To 9 And Then 5 Following Month Average Inflation Date Is At 1 Monetary Authorities Project This Year Due Rise In Global Oil Non Commodity Prices As Well Domestic Supply Issues For Fish , Mong Others Economists Said The Bsp Needs To Also Increase Its Key Rates Limit Interest Rate Differentials With Us , Ollowing The Total Of 150 Basis Points Increase In Fed Rates Since Last March To Date , He Bsp 39s Overnight Reverse Repurchase Rrp Rate Is At 2 5 Percent While The Fed Key Rates Now Between 1 75 Ricafort Said Quot Peso Depreciation In Recent Weeks Months Already More Than Makes Up For Narrower Premium Interest Differentials Philippines And Us Borrowing Relatively , E Said Depreciation Of The Local Currency Is Inflationary As This Lowers Value Peso Against Us Dollar , Hich In Turn Makes Imported Products Such As Oil And Other Commodities , Hich Have Been Posting Record Highs , Ricier Quot Thus , Eaker Peso And Higher Global Commodity Prices Would Lead To Import Overall Inflation ,