Connect with us

Hi, what are you looking for?

Economy

Peso climbs on Fitch move

THE PESO strengthened against the greenback on Tuesday, fueled by positive market sentiment on the affirmation of the country’s credit rating as well as progress on some vaccine deals.

The local unit ended trading at P48.051 versus the dollar yesterday, gaining 4.90 centavos from its Monday close of P48.10, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session stronger at P48.08 per dollar. Its weakest point was at P48.09 while its intraday best was logged at P48.045 against the greenback.

Dollars traded inched up to $476.25 million on Tuesday from the $451.2 million seen on Monday.

“The peso strengthened after Fitch Ratings maintained its sovereign credit rating and outlook for the Philippines despite the ongoing pandemic,” a trader said in an email.

Fitch on Monday affirmed the country’s investment grade “BBB” rating with a stable outlook as government debt levels remained moderate and growth prospects are likely to be sustained even amid the pandemic.

The stable outlook means the sovereign rating may be kept in the next 18 to 24 months.

Deals to secure vaccines versus the coronavirus disease 2019 (COVID-19) also supported sentiment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“Progress on various COVID-19 vaccine supply deals for the Philippines lately also supported market sentiment on the peso,” Mr. Ricafort said in a text message.

National Government officials said 50,000 doses from Sinovac will be delivered by February. On Sunday, vaccine czar Carlito G. Galvez, Jr. also inked a deal with the Serum Institute of India for 30 million doses of Covovax.

Local government units in the National Capital Region have also secured doses of vaccines.

For today, Mr. Ricafort gave a forecast range of P48.03 to P48.08 per dollar while the trader expects the local unit to move within a wider band of P48 to P48.20. — LWTN

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

The number of businesses going bust in England and Wales jumped last month to its highest level since the start of the pandemic, as...

Economy

Co-engineered with ZEISS, new vivo X70 highlights state-of-the-art mobile photography technology Global brand vivo remains top of mind when one thinks of premium imaging...

Investing

Half of the UK’s working mothers do not get the flexibility they ask for, while those that do work flexibly face discrimination, according to...

Economy

By Jenina P. Ibañez, Reporter   Money sent home by overseas Filipino workers (OFWs) increased for the seventh straight month as more host economies with...

Economy

The Bureau of Internal Revenue (BIR) clarified that only medicines and medical devices for the treatment of coronavirus disease 2019 (COVID-19) included in an updated government list...

Economy

Typhoon Kompasu has resulted in the worst container shipping traffic jam in months, one that now stretches throughout Southeast Asia and may take weeks to unravel. ...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!