The peso weakened against the dollar on Wednesday as companies bought the US currency to settle obligations and offshore players lengthened the maturity of foreign exchange holdings. The Philippine currency lost 4 centavos to close at 43.19:$1 from 43.15 Monday. Philippine financial markets were closed Tuesday for the Eidul Adha or Feast of Sacrifice of Muslims. Its a range-bound, lethargic trading, with the peso just weakening a bit on corporate demand, a trader at a local bank said, citing the low $533 million volume. Firms usually buy dollars to service mid-month obligations. In a separate interview, a second trader said she observed fixing demand, in which foreign banks and fund managers roll over the maturities of foreign exchange holdings on bets that it will either weaken or strengthen. Both traders noted little interest in trading Wednesday, as investors wait for developments on the US debt ceiling. American legislators are rushing to agree on a plan to avert a US debt default amid a looming Oct. 17 deadline, when the government would run out of money to pay for its expenses, Reuters reported. Representative Pete Sessions, a senior House Republican, emerged from a meeting in House Speaker John Boehners office telling reporters Republicans would try to come up with a new plan on Wednesday in Washington, the wire service noted. – VS, GMA News
Posted on: Thu, 17 Oct 2013 00:07:18 +0000
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