Peso strengthens to P52/$1 level
THE Philippine peso strengthened on Thursday, returning to the P52:$1 level in morning trade.
The currency opened at P52.98:$1, up 7 centavos from Wednesday’s P53.05 rate.
ING Bank Manila senior economist Joey Cuyegkeng said two developments account for the recovery of the local currency.
“Market expectations of an aggressive BSP (Banko Sentral ng Pilipinas) policy rate action and external positive developments. Also demand for US dollar is relatively low at the start of every month,” he said. MAYVELIN U. CARABALLO
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