THE PESO strengthened versus the greenback on Monday after the government eased restrictions.
The local unit closed at P51.27 per dollar on Monday, gaining seven centavos from its P51.34 finish on Friday, based on Bankers Association of the Philippines data.
The peso opened Monday’s session weaker at P51.39 against the dollar. Its weakest showing was at P51.42, while its intraday best was at P51.265 versus the greenback.
Dollars exchanged dropped to $780.5 million from $1.16 billion.
The peso appreciated after the government announced that restriction measures will be eased in Metro Manila, which could help improve recovery prospects, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The National Capital Region and 38 other areas will be under Alert Level 1 from March 1-15, the most relaxed classification, the Palace announced on Sunday.
The move was initially supposed to be implemented in late December, but was postponed in light of the Omicron surge.
Meanwhile, a trader said some positive progress between Ukraine and Russia also helped boost market sentiment.
Reuters reported on Sunday that Ukrainian and Russian officials have agreed to discuss at a venue on the Belarusian border with Ukraine.
This comes after Russian forces invaded various areas within Ukraine’s territory on Thursday.
For Tuesday, Mr. Ricafort gave a forecast range of P51.20 to P51.50 per dollar, while the trader expects the local unit to move within P51.15 to P51.50. — L.W.T. Noble with Reuters