Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Peso strengthens vs dollar as US Congress passes bill hiking debt ceiling


THE PESO appreciated versus the greenback on Wednesday after US legislators approved a measure that will temporarily increase the government’s borrowing limit.

The local unit ended trading at P50.655 per dollar on Wednesday, appreciating by 19.5 centavos from its close of P50.85 on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P50.82 against the dollar. Its weakest showing was at P50.83, while its intraday best was at P50.60 versus the greenback.

Dollars traded increased to $1.105 billion on Wednesday from $757.87 million on Tuesday.

A trader said the peso strengthened after legislators passed a measure that will raise the debt limit in the United States.

The Democratic-controlled US House of Representatives gave final approval on Tuesday to legislation temporarily raising the government’s borrowing limit to $28.9 trillion, pushing off the deadline for debt default only until December, Reuters reported.

US President Joseph R. Biden is expected to sign the measure into law before Oct. 18, when the Treasury department has estimated it would no longer be able to pay the nation’s debts without congressional action.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso appreciated along with Southeast Asian currencies, reflecting better market sentiment as coronavirus infections decreased in the past days.

Active cases in the country rose by 8,615 to 82,228 on Tuesday, based on data from the Department of Health. Wednesday data had not been released as of this story’s writing.

For Thursday, Mr. Ricafort gave a forecast range of P50.55 to P50.75, while the trader expects the local unit to trade within P50.55 to P50.80 per dollar. — LWTN with Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


With the onset of the pandemic, new routines replaced many day-to-day operations to curb the novel COVID-19 virus’s spread. While most tasks are...


Forbes 30-under-30 alumnus goes head-to-head with Amazon with smartphone-based retail checkout solution In 2015, MishiPay CEO Mustafa Khanwala waited 20 minutes in a...

Editor's Pick

PHILSTAR/MIGUEL DE GUZMAN Singapore — India, South Korea, and Thailand faced mounting coronavirus infections on Thursday, undermining...


Debenhams is to reopen 97 of its high street stores on Monday for a closing down sale to clear stock before they finally shut...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Secrets Of Richdads. All Rights Reserved.

    Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!