Back at P46.61:$1 on Tuesday
The peso gained back some of its strength against the US dollar in Tuesday trade, appreciating by 20 centavos to P46.61 from Monday’s P46.81, as the dollar came under pressure from worries over a global selloff in equities and commodities.
“I think there are still concerns about what will happen to China, how the Fed [US Federal Reserve] will decide on the normalization of monetary policy or when it’s going to increase interest rates, and then of course, there are also issues on the movement of oil prices and other commodity prices,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. told reporters on Tuesday.
Such factors will continue to be a source of uncertainty and volatility for the financial markets, Tetangco said.
“But what is important is that we stick to our policy framework–control of inflation, banking reforms, sound macrofundamentals,” he added.
Total volume transacted on the Philippine Dealing System rose to $765.2 million from $572.5 million traded previously.