The Philippine peso closed at 56.94:$1 on Wednesday—its strongest stage in additional than two months—but Goldman Sachs warned that stabilizing the native forex would possibly dampen financial development as this may entail larger cuts in authorities spending.
Market watchers mentioned the peso was benefiting from a brief correction of the US greenback.
Michael Ricafort, chief economist on the Rizal Industrial Banking Corp., mentioned Wednesday’s closing was the strongest since 56.77 on Sept. 13 or 10 weeks in the past.
“President Marcos signaled that the federal government could should defend the peso within the coming months [through interest rate hikes] in keeping with earlier and up to date alerts from the financial crew…
Carry on studying: Peso rises to strongest stage in over 2 months