Peso Gains vs. USD Anew

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) LGI/JSV/EDS