THE PESO rose further against the dollar on Wednesday as the market awaits the July US consumer price index (CPI) report, which could cement expectations of a September rate cut by the US Federal Reserve.
The local unit closed at P56.955 per dollar on Wednesday, inching up by half a centavo from its P56.96 finish on Tuesday, Bankers Association of the Philippines data showed.
This was the peso’s strongest showing in almost four months or since its P56.808-a-dollar close on April 15.
The peso opened Tuesday’s session stronger at P56.90 against the dollar. Its weakest showing was at P57.12, while its intraday best was at P56.835 versus the greenback.
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