The peso closes at 56.82 pesos against the US dollar

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The Philippine peso traded a level of 56.82 P:$1 on Friday as the dollar depreciated against most global currencies.

The local currency on Friday rose 36 centavos from Thursday’s closing rate of 56.82 pesos to the dollar, marking the fifth consecutive trading day in which it fell to record lows.

Data from the Bankers Association of the Philippines (BAP) showed that trade in the peso opened at P57.05 against the dollar.

The peso traded from P57.82 to P57.07, with an average of P56.939.

Thursday’s volume hit $1.15153 billion, down from $1.2327 billion in the previous session.

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Friday’s weighted average reached 56.918 pesos compared to 57.14 pesos on Thursday.

According to the Philippine Bankers Association, trade in the peso opened at P57.07 against the dollar.

Security Bank chief economist Robert Dan Roces attributed the local currency’s recovery to “some weekend positioning and a slight depreciation of the US dollar.”

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., called the strengthening local currency a “healthy correction” that came after “a recent healthy downward correction in the US dollar against major global currencies, as well as certain measures taken by some Asian central banks to stabilize their respective local currencies following the recent rise in the US dollar amid hawkish signals from the Fed and the European Central Bank.”

According to Ricafort, Friday’s peso close was the best of the week.

Ricafort added that while global crude oil prices recently remained among the lowest levels in seven to eight months, the peso has also appreciated against the US dollar. It “could also help reduce the country’s oil imports, reduce the record trade deficit, as well as ease inflationary pressures/headline inflation, going forward.”

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