• Peso returns to P51:$1 level


    Profit-taking and expectation of higher domestic interest rates allowed the peso to return to the P51:$1 level on Friday.

    The local currency opened at P52:$1, traded at P51:82 and P52.05 and finally ended the day at P51:89 per dollar, 21 centavos stronger than Thursday’s P52.10:$1.

    “The peso strengthened … because of profit taking after the dollar’s recent strength,” Land Bank of the Philippines market economist Guian Angelo Dumalagan told The Manila Times.

    The correction was likely also the result of increased expectations that the Bangko Sentral ng Pilipinas (BSP) could finally raise interest rates this year, he added.


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