Peso strengthens after Fed cuts rates
The Philippine peso strengthened against the US dollar on Wednesday following an unexpected rate cut by the Federal Reserve.
The local currency closed at P50.551 per dollar, up 13.9 centavos from Tuesday's close of P50.69.
Traders attributed the peso’s rebound to both the Fed's emergency rate cut and dovish signals from the Bangko Sentral ng Pilipinas (BSP).
The US Federal Reserve cut interest rates by 50 basis points in response to concerns over the economic impact of the coronavirus disease 2019 (COVID-19).
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