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MANILA — The Philippine peso closed Wednesday sideways to a greenback anew as investors await announcement after the two-day Federal Open Market Committee (FOMC) meeting later in the day.

The local currency ended the trade at 45.18 from 45.14 in the previous trading, which a trader attributed to anticipations for Federal Reserve’s hints on when the expected hike in Fed rates would happen.

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“The hike is expected by September but markets are still on the lookout for (Fed Chairman Janet) hints from Yellen’s statements,” the trader said.

For the day, the peso opened at 45.10, slightly better than the 45.18 a day ago.
It traded between 45.18 and 45.08 bringing the average for the day at 45.13.

Volume of trade reached USD 510.9 million, lower than the USD 829.3 million a day ago.
For Thursday, the currency pair is seen to trade between 45.10 and 45.30. pna

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