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Manila Bulletin devider Business devider Peso gains almost P1 vs US dollar

Peso gains almost P1 vs US dollar

Published Nov 11, 2022 04:52 pm

The peso pulled a big gain versus the US dollar on Friday, Nov. 11, after it appreciated to P57.23 or by P0.96 from the previous close of P58.19.

This was the local currency’s most significant improvement since its rapid depreciation in June until October this year. The US dollar slightly weakened after the reported rise in the US October inflation rates were not as high as expected.

PH peso/Manila Bulletin article photo

On Friday, the peso hit an intraday low of P57.59 and was at its strongest at P57.14 before closing at P57.23. It’s the second time it breached the P58 level over the past week.

Based on Bankers Association of the Philippines data, the weighted average exchange rate was P57.351 from P58.125 last Thursday.

The spot market volume increased to $820.15 million from $792 million.

BDO Unibank Inc. in a commentary said that the “pressure” for a P59 to the US dollar resistance level “still remains as risks are tilted to the upside.”

“Be on the guard for a break above 59.000 as it could assault the 59.500/60.000 levels in the near-term,” said BDO.

The peso’s lowest rate is still P59 which it touched for the first time on Sept. 29 and closed at this rate on Oct. 3. The previous record low, which was breached last Sept. 2, was P56.45 in 2004.

The peso has depreciated by more than 13 percent when it hit P59 from its end-2021 close of P50.99.

In a rare statement last Oct. 4 which was the day after the peso broke P59-level, the BSP assured spot market traders that it is on top of the situation and will “manage” any disruption in the foreign exhange market and financial sector in general.

The BSP reiterated that the peso is only reacting to global developments and the US dollar’s strong position amid rising US interest rates.

The BSP also assured the market that it will continue to service all legitimate US dollar transactions.

As a free-floating exchange rate system, the BSP’s exchange rate policy is dictated by the supply and demand of foreign exchange. However its intervention role is limited only to smoothening sharp fluctuations and if there are excessive peso movements.

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