The local currency closed Thursday’s trading slightly higher at P56.06 versus the U.S. dollar from P56.11 the previous day.
The peso opened at P55.95, gaining momentum at P56.09 intraday and dipping to P55.90 before settling at 56.06 at the trading day’s close.
The peso exchange rate was stronger against the dollar for the second straight trading day, though slightly, by 0.01 to close at 56.06, still among the weakest for the peso in a month.
“Amid the ongoing offering of Retail Treasury Bonds [RTBs] that could also attract foreign buyers/investors and as the U.S. dollar corrected slightly lower vs. major global currencies recently,” chief economist Michael Ricafort of Rizal Commercial Banking Corp. told the Daily Tribune.
“Moreover, the peso was also slightly stronger after the local stock market, PSEi, corrected higher for the second straight day, by 62.98 points or 0.9 percent, to close at 6,706.43, still among one-week lows, but among 2.5-month highs,” the economist added.
Ricafort also said offsetting risk factor, higher U.S. Treasury yields recently, with the benchmark 10-year U.S. Treasury yield at 3.09 percent, near two-week highs; ahead of the Fed Jackson Hole symposium later this week for new updates on the future pace of Fed rate hikes.