The Philippine peso closed trading on Feb. 2 at 53.845:$1, its strongest position against the greenback in seven and a half months or since closing at 53.75:$1 in June 2022.
On Thursday, the peso ended the session near the intraday strongest of 53.835:$1 and gained 63 centavos from 54.475:$1 the previous trading day.
Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said it happened amid a continued weakness of the US dollar against major global currencies.
Ricafort said the American currency reached new nine-month lows after the United States Federal Reserve increased the federal funds rate by a smaller increment of 25 basis points compared to previous hikes, as widely expected.
“The peso also strengthened after the announcement [of] some improvement in the latest outstanding national government debt data as of December 2022,” he added.
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.