Peso strengthens to 45.87
Despite the weak exports, the peso strengthened to a new two-month high against the US dollar Friday, amid speculation the US Federal Reserve won’t be raising interest rates this year.
The peso gained P0.24 to settle at 45.87 against the greenback Friday, its strongest level since closing at 45.755 on Aug. 10.
Total volume turnover reached $1.049 billion Friday, higher than $936.7 million on Thursday.
Nicholas Antonio Mapa, a research officer at the Bank of the Philippine Islands, said as financial markets anticipated a hike in 2016, “funds have flowed to emerging market countries [including the Philippines].”
“And thus we are seeing rally in Asean currencies and stock markets,” Mapa said.