MANILA – The Philippine peso slipped to the P53:$1 level on Tuesday, as investors cashed in on gains from the local unit’s strength.
The local currency lost 9 centavos to close at P53.07:$1 from P52.98:$1 on Monday.
“The weakening may have come from profit-taking, and some investors are taking positions while waiting for the result of the US Fed meetings,” Ruben Carlo Asuncion, chief economist at Union Bank of the Philippines, said.
The Federal Open Market Committee is scheduled to meet on December 18 and 19, with key policy settings in the United States as the top agenda.
A report by Reuters said the US Federal Reserve is widely expected to raise interest rates this week, which would be its fourth this year. (GMA News)
