Connect with us

Hi, what are you looking for?


Peso strengthens on lower daily coronavirus cases

THE PESO rebounded against the greenback on Tuesday on the back of the decline in new cases of the coronavirus disease 2019 (COVID-19).

The local unit closed at P47.805 per dollar, gaining five centavos from its P47.855 finish on Monday, based on data from the Bankers Association of the Philippines.

The peso opened the session at P47.88 versus the dollar. Its weakest showing was at P47.90, while its intraday best was at its close of P47.805 against the greenback.

Dollars exchanged surged to $925.2 million from $567.19 million on Monday.

The peso was backed by improving investor sentiment as new coronavirus disease 2019 (COVID-19) cases continue to subside, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Cases rose by 4,487 on Tuesday, with the country’s total cases at 1.154 million, based on data from the Department of Health.

Meanwhile, a trader attributed the peso’s strength to dovish signals from the US central bank.

“The peso appreciated after US Federal Reserve officials dismissed any premature tapering of the Fed’s asset purchases,” he said in an email.

Atlanta Fed President Raphael Bostic told CNBC it not yet time to change the central bank’s “strong accommodative stance.” He added the “healthy level of inflation” is an indication of economic growth.

For today, Mr. Ricafort gave a forecast range of P47.76 to P47.81 per dollar, while the trader expects the local unit to move within the P47.75 to P47.95 levels. — LWTN with Reuters

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Your email address will not be published.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!



PHILIPPINE shares ended higher on Tuesday on data showing higher remittances from overseas Filipino workers (OFW) in March and continued bargain hunting. The benchmark...


THE PESO strengthened versus the greenback on Tuesday following strong remittance data. The local unit closed at P52.425 on Tuesday, appreciating by 6.8 centavos...


By John Victor D. Ordoñez A GROUP of taxpayers has asked the Supreme Court (SC) to stop the proclamation of Ferdinand R. Marcos, Jr.,...


SYDNEY — Philippine president-elect Ferdinand “Bongbong” R. Marcos, Jr. has made a low-key trip to Australia, the Age newspaper reported, bringing some protesters onto...


Philippine health authorities on Tuesday confirmed the local transmission of a more contagious Omicron subvariant that has become dominant in the US. “There’s local...


THE DEPARTMENT of Justice (DoJ) has dropped 29 cases from its list of extralegal killings and torture cases for lack of evidence, according to...

You May Also Like


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


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...


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


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:, 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.