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Peso returns to P57 level after CPI data
The Philippine peso strengthened to P57.88 against the US dollar on Thursday, marking its best finish in over six weeks.
This appreciation occurred as the November inflation rate accelerated to 2.5%, matching market expectations and the Bangko Sentral ng Pilipinas' forecast.
The peso opened Thursday's session at P58.18 and traded stronger throughout the day, closing at P57.88, a 35-centavo gain from Wednesday's P58.23.
The November inflation rate of 2.5% is a slight increase from October's 2.3% but significantly lower than the 4.1% recorded in November of the previous year.
This inflation data could influence the BSP's monetary policy decision for December.
Trading volume on Thursday decreased to $1.61 billion from $1.72 billion on Wednesday.
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See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippines' inflation rate rose for the second consecutive month to 2.5% in November 2024, up from 2.3% in October, primarily driven by faster increases in food and transportation costs.
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The Bangko Sentral ng Pilipinas (BSP) forecasts inflation for November to be between 2.2% and 3%.
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Philippine stocks climbed above 6,700 on Friday, recovering from a three-day decline as investors assessed the latest inflation data.
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The Philippine peso appreciated against the US dollar, breaking the 57 mark to close at 57.88 on Thursday, December 5, 2024.
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The Philippine Stock Exchange index (PSEi) closed lower on Wednesday, December 11, 2024, dropping 1.22% to 6,642.71, as investors awaited the release of US November inflation data.
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