Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Peso strengthens as Duterte sets vaccination drive on Nov. 29-Dec. 1

BW FILE PHOTO

THE PESO strengthened versus the greenback on Wednesday due to optimism caused by the vaccination drive that will happen later this month.

The local unit ended trading at P50.069 per dollar on Wednesday, appreciating by 2.2 centavos from its close of P50.091 on Tuesday, based on data from the Bankers Association of the Philippines.

The peso opened Wednesday’s session at P50.15 per dollar, which was also its worst showing for the day. Meanwhile, its intraday best was at P50.005 against the greenback.

Dollars exchanged declined to $1.016 billion on Wednesday from $1.385 billion on Tuesday.

The peso strengthened following the announcement of a national vaccination drive, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

President Rodrigo R. Duterte in a taped address said a three-day massive vaccination drive will be held from Nov. 29 to Dec. 1, which will coincide with the Bonifacio Day commemoration on Nov. 30.

The government is eyeing to administer 15 million vaccine jabs during the three-day event.

Meanwhile, a trader said the market was waiting for the US consumer inflation report set to be released later on Wednesday.

The US Labor department on Tuesday said producer price index for final demand rose 0.6% last month after climbing 0.5% in September, according to Reuters.

For Thursday, Mr. Ricafort gave a forecast range of P49.95 to P50.15 per dollar, while the trader expects the local unit to move within P50 to P50.20. — LWTN with Reuters

Click to comment

Leave a Reply

Your email address will not be published.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

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...

Economy

In the wake of Covid-19, people are working harder than ever. While many of us thought productivity may dip when we started working from...

Economy

Few individuals can resist the temptation to try before they buy; therefore, it was only a matter of time until online casinos realized this...

Forex

At a time when the world is battling to get through the dreaded coronavirus pandemic, protective face masks have come out to be the...

Disclaimer: SecretsOfRichDads.com, 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 © 2022 Secrets Of Richdads. All Rights Reserved.