Peso tumbles to P55-per-dollar level as headline inflation surges in Jan. - BusinessWorld Online

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The local currency closed at P55.085 versus the greenback on Tuesday, declining by 69.5 centavos from Monday’s P54.39 finish, data from the Bankers Association of the Philippines showed. READ:

February 7, 2023 | 9:00 pmTHE PESO sank to the P55-per-dollar level on Tuesday as January headline inflation was faster than expected and amid hawkish signals from the US Federal Reserve.

The peso opened Tuesday’s trading session at P54.65 per dollar. Its weakest showing was at P55.10, while its intraday best was at P54.60 against the greenback.The peso declined following the release of January inflation data and hawkish signals from a Fed official, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Headline inflation was at a 14-year high of 8.7% in January, faster than the 8.1% in December and 3% a year ago.poll conducted last week and the 7.5% to 8.3% forecast range given by the Bangko Sentral ng Pilipinas for the month.

 

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