Peso closes strong at 56.14

The peso exchange rate strengthened against the dollar by 0.08 or 0.1 percent to close at 56.145 on Wednesday.

The peso rate opened at a high 56.20, dipped to 56.17 and swung back to 56.19 before closing at 56.145.

On August 30, it closed at 56.22.

The peso strengthened “after the latest decline in global oil prices to six-month lows, with the benchmark Nymex crude oil price at $90 per barrel levels, down from as high as $97 earlier this week,” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., told Daily Tribune.

“The peso is also stronger with bank loans growth data among the fastest in two years,” Ricafort added.

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