The local unit closed at P51.29 per dollar on Wednesday, depreciating by three centavos from its P51.26 finish on Tuesday, based on data from the Bankers Association of the Philippines.
The Federal Market Open Committee was set to announce its monetary policy stance overnight after its Tuesday to Wednesday review. The market was waiting for signals on the timetable of its interest rate hikes. The dollar index, which measures the currency against six major peers, edged 0.06% higher to 96.030, after climbing to 96.273 on Tuesday, its strongest level since Jan. 7. It has rallied as much as 1.74% from a two-month low touched on Jan. 14.
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