The peso recovers to P58.65 against the dollar

The Philippine peso rose slightly to 58.65 pesos against the US dollar on Tuesday.

The peso fell to another record low on Monday at P59 against the dollar and recovered by 35 centavos against the dollar on Tuesday.

Tuesday’s trading opened at P58.80, weaker than Monday’s P58.60.

Data from the Philippine Bankers Association showed that the local currency traded between the P58.64 and P58.9 bands, resulting in a weighted average of P58,856.

Trading volume on Tuesday also reached $779.1 million, up from $666.7 million on Monday.

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With the local currency hitting the P58 level for the dollar again, Bangko Sentral ng Pilipinas (BSP) said it was taking steps to “manage any disruption” in the financial market.

“We ask those who have the means not to unduly take advantage of changing market conditions,” BSP said in a statement on Tuesday.

“It doesn’t help the Philippine peso, it doesn’t help the Philippines,” she added.

The central bank said the spot market remains open and active while futures and repurchase agreements are available.

BSP also pointed out the reasons why financial markets around the world are experiencing remarkable changes so far in 2022.

“A notable development is the rise in the US dollar, which is causing the value of currencies such as the Philippine peso to depreciate,” BSP said.

She added that market conditions around the world were “difficult”.

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