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Manila Bulletin devider Business devider Peso back at P58-level to USD

Peso back at P58-level to USD

Published Oct 11, 2022 04:37 pm

With central bank intervention, the peso regained lost grounds and closed stronger at P58.865 vis-à-vis the US dollar on Tuesday, Oct. 11, after it fell back to its record low of P59 on Monday.

The local currency opened at P58.97 signalling some support from the Bangko Sentral ng Pilipinas (BSP). Its strongest level at P58.83 was better compared to Monday’s P58.95. The intraday low was P59.

BDO Unibank Inc. in a commentary said at P59, the peso “continues to highlight strong US dollar momentum” which was “still in play as the greenback grew firmer on the back of a resolutely hawkish tone of the (US) Fed.”

“Be on guard for a break above 59.000 as it could assault the 59.500/60.000 levels in the near-term. However, given the extreme upward volatility, the currency should be due for a correction soon,” said BDO exchange rate analysts.

Based on Bankers Association of the Philippines (BAP) data, the peso’s weighted average rate on Tuesday was P58.995 versus P58.994 previously.

Spot market volume reached $642.35 million from $400 million last Monday.

The first time the peso hit the P59 closing rate was Oct. 3.

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