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Peso rises as Metro Manila remains under looser quarantine measures

THE PESO strengthened versus the greenback on Tuesday after Malacañang announced that Metro Manila will remain under looser quarantine measures.

The local unit closed at P48.50 per dollar on Tuesday, gaining 14.5 centavos from its P48.645 finish on Monday, based on data from the Bankers Association of the Philippines.

The peso opened Tuesday’s session at P48.64 per dollar. Its weakest showing was at P48.67, while its intraday best was at P48.46 against the greenback.

Dollars exchanged decreased to $763.08 million on Tuesday from $993.3 million on Monday.

The peso rose after the government announced that Metro Manila will remain under looser restrictions until mid-July, boosting prospects of a further reopening of the economy, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Coronavirus infections rose by 4,479 on Tuesday to bring the tally to 1.408 million, based on data from the Department of Health. Active cases stood at 50,037.

A trader meanwhile attributed the peso’s gains to preference for the local unit amid expectations of weaker US consumer confidence due to the impact of faster inflation on household spending.

For Wednesday, both Mr. Ricafort and the trader gave a forecast range of P48.40 to P48.60 per dollar. — LWTN

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