MANILA — The Philippine peso once again improved to the US dollar Wednesday after prices of oil in the international market rose and anticipations that a hike in the Federal Reserve rates this month will not happen anymore.
It ended the trade at Php46.01 from day-ago’s Php46.11, which a trader said was expected since investors do not consider any increase in the Fed rates when the Federal Open Market Committee (FOMC) meetings from June 14-15, 2016.
The trader said increase of oil prices to about US$ 50 a barrel in the international market also hit the greenback, further lifting the local currency.
For the day, the local unit opened at Php46.05, better than the Php46.16 a day ago.
It traded between its closing level and Php46.11 resulting to an average of Php46.06.
Volume of trade reached US$ 657.5 million, higher than the US$ 601.2 million.
The peso is seen to trade between Php46.00 and Php46.20 to the dollar Thursday. PNA/ northboundasia.com