Peso loses P0.16 more after Fed rate stays near zero

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The peso dipped further against the US dollar on Thursday after the United States Federal Reserve announced it would keep its interest rates near zero for a “considerable time.”

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The local currency opened at 44.50 before trading between 44.42 and P44.58 against the dollar, before settling at P44.42. Thursday’s rate was the weakest since May 2, when the peso traded at P44.50.

The peso shed 16 centavos from the P44.26 close on Wednesday.
Volume transacted on the Philippine Dealing System fell to $939 million from $1.025 billion traded Wednesday.

The central bank and analysts have warned that the latest action from the Fed “could translate to near-term weakness in regional currencies.”

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