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Peso rises to fresh 4-year high on BSP surprise rate cut
The Philippine peso strengthened against the US dollar, closing at P48.23, marking a fresh four-year high.
This appreciation followed the Bangko Sentral ng Pilipinas' (BSP) surprise decision to cut its benchmark interest rates by another 25 basis points to a new record low.
According to Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, the rate cut aims to further reduce borrowing costs and stimulate economic recovery by boosting demand for loans, investments, and job creation.
The peso's closing rate of P48.23 is the strongest it has been since October 24, 2016.
The local stock barometer, PSEi, also saw a rally, closing up 2.46% as investors welcomed the BSP's move.
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The Philippine Stock Exchange index (PSEi) surged by 2.46% to close at 7,169.79 on Friday, driven by a surprise interest rate cut from the Bangko Sentral ng Pilipinas (BSP).
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The Philippine Stock Exchange index (PSEi) climbed back to the 7,000-level on Friday, boosted by a surprise 25 basis point cut in the Bangko Sentral ng Pilipinas' (BSP) key rates.
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The Bangko Sentral ng Pilipinas (BSP) Monetary Board has cut its key interest rates by 25 basis points, bringing the overnight reverse repurchase (RRP) rate to a record low of 2 percent.
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The Philippine peso strengthened for the fifth straight trading day, closing at P48.115:$1 on Thursday.
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