Peso may rise ahead of inflation data - BusinessWorld Online

The local unit closed at a new all-time low of P56.77 on Friday, weakening by 35 centavos from its P56.42 finish on Thursday, data from the Bankers Association of the Philippines showed. This eclipsed the previous record of P56.45 set in 2004.

The peso also weakened on “the expected seasonal increase in importation in Q3 in preparation for the expected increase in sales during the holiday season in Q4,” Mr. Ricafort said. Mr. Asuncion said high inflation and the peso’s recent depreciation may give the central bank a reason to continue hiking benchmark interest rates. Another off-cycle move may even be in the cards if the peso posts massive losses against the dollar, he added.

He noted that the peso’s recent decline was due to the dollar’s continued strength amid rate hike expectations in the world’s largest economy.

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