Peso Back in the 63-per-Dollar Range — Closes at 63.25 on the 11th

Peso Back in the 63-per-Dollar Range — Closes at 63.25 on the 11th

📌 On Wednesday, November 11, the Philippine peso closed at 63.25 per dollar, weakening by 34 centavos from the previous day (62.91) and slipping back into the 63 range. The move came after US inflation data came in higher than expected, boosting expectations of a US interest rate hike.

■ What's Changing
· According to data from the Bankers Association of the Philippines (BAP), the peso traded between 63.12 and 63.295 per dollar that day.
· RCBC's chief economist explained that US consumer prices rose faster than expected, raising the chances of an additional 0.25-percentage-point hike at the US Federal Reserve meeting on December 9, and that hawkish remarks from Fed officials also supported the stronger dollar.
· International oil prices (Brent crude) were little changed at around $91 per barrel.

■ Tips for Residents and Travelers
· If you plan to exchange Korean won or US dollars for pesos, exchange rates can move even within a single day, so compare the posted rates at different money changers.
· A weaker peso can also affect the prices of imported goods and electricity bills.

■ Source
BusinessMirror (11/11)