Connect with us

Hi, what are you looking for?

Economy

Peso strengthens against the dollar as gov’t anticipates arrival of more vaccines

THE PESO strengthened further against the greenback on Wednesday following the government’s announcement that AstraZeneca vaccines will arrive in the country on Thursday.

The local unit closed at P48.48 versus the dollar on Wednesday, gaining 8.5 centavos from its previous finish of P48.565, based on data from the Bankers Association of the Philippines’ website.

The peso opened the trading day at P48.48 against the dollar. It logged an intraday best of P48.45 while its weakest showing was at P48.61 against the greenback.

Dollars traded climbed to $1.095 billion on Wednesday from $856.94 million on Tuesday.

The peso appreciated against the dollar on news that vaccines from AstraZeneca would be arriving in the country on Thursday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

He said the peso closed at its strongest level in more than a week or since Feb. 19, but yesterday’s finish was still among the weakest in four months.

Presidential Spokesperson Herminio “Harry” L. Roque, Jr. said on Tuesday that more than 487,000 doses of AstraZeneca are expected to arrive in the country on Thursday evening, under the COVAX facility.

“The peso was also stronger after the downward correction in global oil prices to new one-week lows. [Other factors include] the recent gains in the local stock market for the fourth straight day to two-week highs on continued market optimism on COVID-19 vaccine arrivals and rollouts, as well as recent measures to further reopen the economy, even before the expected nationwide MGCQ (modified general community quarantine) that could happen around April-May 2021,” Mr. Ricafort added.

Meanwhile, a trader said the peso strengthened after US Federal Reserve Governor Lael Brainard noted rising asset prices “but ruled out any near-term policy tapering.”

“The local currency might depreciate amid expectations of a firm US non-manufacturing PMI (purchasing managers’ index) report tomorrow,” the trader said via e-mail.

Mr. Ricafort expects the peso to range between P48.40 and P48.55 per dollar on Thursday, while the trader sees it ranging from P48.40 to P48.60 against the greenback. — B.M. Laforga

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Your email address will not be published.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

Lowering VAT charges on fuel may be politically attractive but is not good news for those who will struggle the most, say leading tax...

Investing

An estimated 3 per cent of the workforce was signed off in late December and a fifth of businesses reported increased cancellations amid the...

Investing

Mark Zuckerberg could be forced to pay most British Facebook users about £50 each if a landmark legal action alleging that the site abused...

Investing

France has reopened its borders to British tourists after ministers in Paris eased restrictions on non-essential travel. From this morning, Britons travelling to the...

Investing

People struck down with the Omicron variant of the coronavirus are buying so much paracetamol that supplies are running low in many shops. Official...

Investing

Covid Passports are to be abandoned within days after Sajid Javid effectively killed off the policy. The health secretary has concluded that Covid-19 certification...

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

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

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...

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.