Connect with us

Hi, what are you looking for?

Economy

Peso strengthens vs dollar as third stimulus bill nears approval

THE PESO strengthened against the greenback on Thursday after the House of Representatives approved on second reading a third economic stimulus package as the country continues to grapple with the impact of the coronavirus pandemic.

The local unit closed at P47.985 versus the dollar on Thursday, rising by 16.5 centavos from Wednesday’s finish of P48.15, data from the Bankers Association of the Philippines’ website showed.

The peso opened Thursday’s session weaker at P48.18 against the dollar. It dropped to as low as P48.19 during the day but recouped losses to close nearer to its intraday high of P47.977 versus the greenback.

Dollars traded went up $1.089 billion on Thursday from the $746.88 million seen on Wednesday.

“The peso…appreciated after the recent progress at the House of Representatives, where Bayanihan III nears its final approval as it moves onto the [third] reading,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a text message.

The House of Representatives on Tuesday evening approved on second reading the proposed P401-billion economic stimulus measure, which seeks to drive recovery with additional support for pandemic-hit businesses and families.

Since it is not certified by Malacañang as urgent, Bayanihan III can only be approved on third and final reading next week.

The peso also rose amid recent fundraising activities at the local stock market that attracted foreign inflows, Mr. Ricafort added.

Meanwhile, a trader said peso appreciated amid market expectations of looser quarantine restrictions in June.

For Friday, the trader said the local unit might weaken versus the dollar on expectations of an upbeat US initial jobless claims report that was due for release overnight.

The trader expects the peso to move between P47.90 and P48.10 versus the dollar, while RCBC’s Mr. Ricafort gave a forecast range of P47.90 to P48.05. — IBC

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Your email address will not be published.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

Economy

A Chinese flag is seen on the top of a car near a coal-fired power plant in Harbin, Heilongjiang province, China Nov. 27, 2019....

Economy

Microsoft Corp’s near-acquisition of social media app TikTok last year was the “strangest thing I’ve ever worked on,” Chief Executive Officer Satya Nadella said...

Economy

U.S. cryptocurrency markets and related platforms will “not end well” if they stay outside the purview of regulators, according to Securities and Exchange Commission...

Economy

Apple Inc’s customers will have to wait for a few more weeks to lay their hands on the new iPhone 13 as supply chain...

Economy

The East Asia and Pacific region’s recovery has been undermined by the spread of the COVID-19 Delta variant, which is likely slowing economic growth...

Economy

Restaurants continue to operate in limited capacity amid the lockdown. — PHILIPPINE STAR/ MICHAEL VARCAS By Beatrice M. Laforga, Reporter THE PHILIPPINE economy likely...

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!