MAKATI CITY — As projected by analysts, the Philippine peso may well be on the way for a fall to P47 to a US dollar.
This as the peso shed 18 centavos on October 27 and ended the day at P46.72 from Monday’s P46.54 finish to the US dollar.
Companies’ month-end dollar demand along with the slower growth of Philippines imports in August 2015 dragged the local unit’s performance, analysts said.For Wednesday, the currency pair is seen to trade between 46.60 and 46.80.
Traders said the 4.1 percent year-on-year expansion of imports in the eighth month this year is a disappointment given the previous two months’ double digit growth, according to a PNA report.
For the day, the peso opened at P46.56, sideways from day-ago’s P46.60, bringing the day’s average at P46.65 to an American dollar.
Volume of trade reached US$585.7 million on October 27, higher than day-ago’s US$539.5 million.