EconomyForex

Peso rebounds vs dollar on positive sentiment

1 Mins read

THE PESO gained against the dollar after three straight days of closing lower. — BW FILE PHOTO

THE PESO rebounded against the dollar on Tuesday, correcting after three straight days of decline on positive market sentiment as the benchmark stock index rallied.

The local unit closed at P53.25 versus the greenback on Tuesday, gaining five centavos from its P53.30 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P53.28 against the dollar. Its weakest showing was at P53.40, while its intraday best was at P53.13 versus the greenback.

Dollars exchanged rose to $1.16 billion on Tuesday from $685.2 million on Monday.

The peso’s rebound was a healthy correction after weakening for three straight trading days and was partly due to gains seen in the local stock market that defied recent declines in US markets, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The benchmark Philippine Stock Exchange index slightly went up by 7.52 points or 0.11% to close at 6,474.53 on Tuesday. Meanwhile, the broader all shares index declined by 3.88 points or 0.11% to 3,471.05.

For Wednesday, Mr. Ricafort expects the peso to range between P53.10 and P53.30 versus the greenback. — KBT

Related posts
EconomyForex

DA allows imports of up to 21,000 tons of onions 

1 Mins read
PHILIPPINE STAR/WALTER BOLLOZOS THE Philippines’ Agriculture department said on…
EconomyForex

Dry soil to curb Asia’s early 2024 rice output, pressure supply 

2 Mins read
SINGAPORE – Asian off-season rice production is poised to…
EconomyForex

People-centric approach needed in adoption of AI — experts

3 Mins read
STOCK PHOTO | Image by Gerd Altmann from Pixabay…
Power your team with InHype
[mc4wp_form id="17"]

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *