Home Banking & Finance Peso rebounds vs dollar on positive sentiment

Peso rebounds vs dollar on positive sentiment

THE PESO gained against the dollar after three straight days of closing lower. — BW FILE PHOTO

THE PESO rebounded against the dollar on Tuesday, correcting after three straight days of decline on positive market sentiment as the benchmark stock index rallied.

The local unit closed at P53.25 versus the greenback on Tuesday, gaining five centavos from its P53.30 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P53.28 against the dollar. Its weakest showing was at P53.40, while its intraday best was at P53.13 versus the greenback.

Dollars exchanged rose to $1.16 billion on Tuesday from $685.2 million on Monday.

The peso’s rebound was a healthy correction after weakening for three straight trading days and was partly due to gains seen in the local stock market that defied recent declines in US markets, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The benchmark Philippine Stock Exchange index slightly went up by 7.52 points or 0.11% to close at 6,474.53 on Tuesday. Meanwhile, the broader all shares index declined by 3.88 points or 0.11% to 3,471.05.

For Wednesday, Mr. Ricafort expects the peso to range between P53.10 and P53.30 versus the greenback. — KBT