Philippines: Peso recovers, stays within 54:$1

• Sep 19, 2018

MANILA, Philippines — The peso slightly recovered yesterday, closing at 54.07 to $1, up four centavos from Monday’s 54.11 to $1.

The currency opened slightly weaker at 54.15 compared to the previous day’s level of 54.1 to $1 and reached an intra-day high of 54.06 to $1.

Total volume reached $766.45 million, lower than the $807.2 million recorded last Monday.

Sought for comment, a peso trader said the local currency opened weaker in the morning session amid the latest development in the trade war between the US and China. They said the peso may have slightly recovered in the afternoon due to profit taking.

In a press briefing, Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said the exchange rate is expected to appreciate in the fourth quarter.

“We expect that for the rest of the year, overseas remittances, as well as BPOs (business process outsourcing) will be coming in a bigger way. This is the holiday season so we would expect that the exchange rate will start shaping up,” Guinigundo said.

He said this would help temper down inflation, even with the expected surge in demand during the holiday season.

Source: https://www.philstar.com/business/2018/09/19/1852647/peso-recovers-stays-within-541#XpL0pUUsFiLocRBm.99