The peso rises slightly at P56.77 against the dollar

On Tuesday, the Philippine peso rose slightly to 56.77 pesos against the US dollar from 56.86 pesos on Monday.

According to the Bankers Association of the Philippines (BAP), the peso opened at P56.8 against the dollar, and traded from P56.73 to P56.95 against the dollar, with an average of P56,857.

Tuesday’s trading volume was $934.45 million, up slightly from last Monday’s $897.2 million.

The data also showed that the peso’s exchange rate was stronger against the US dollar for the second day in three trading days, by 0.09 or 0.2 percent, to close at P56.77.

Michael Rycafort, chief economist at Rizal Commercial Banking Corp. told The Manila Times in a Viber message that the peso was stronger against the dollar amid the ongoing downward correction in the US dollar against major global commodities.

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Peso [is] Also stronger after the recent increase in domestic interest rates/bond yields which could increase the attractiveness of the peso.”

Ricafort added that the peso also strengthened as global crude oil prices continue to swing between seven-month lows, resulting in the recent decline in domestic fuel pump prices that could ease oil imports and general inflation.

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