Peso returns to P50 level versus the dollar
The peso has been trading stronger against the dollar for five straight days to log its best showing in a month.
The peso closed at P50.93 on Sept. 7, breaking the P51 level after a month hovering at that rate as the dollar continued to weaken when compared to a host of other currencies.
Thursday’s close appreciated from the P51.095 per dollar rate logged the previous day, and is the best showing since a month ago.
Analysts attributed the exchange rate adjustments to recent news from the United States, which saw the hawkish Federal Reserve vice-chair Stanley Fischer hand in a resignation later which takes effect sometime in October.
Geopolitical tensions have also been said to turn investors away from the US towards Asian currencies for safety.
Will this level hold? Stay tuned.