November 16, 2021
Economy

Peso to appreciate against the dollar on lower daily coronavirus cases

BW FILE PHOTO

THE PESO will likely strengthen this week on the back of lower active coronavirus cases and ahead of the release of the latest budget balance data.

The local unit closed at P50.711 per dollar on Friday, shedding 10.6 centavos from its P50.605 finish on Thursday, based on data published on the Bankers Association of the Philippines’ website.

The peso was also weaker by 13.1 centavos from its close of P50.58 per dollar a week earlier.

The local unit depreciated versus the greenback on Friday amid a continued increase in global oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Reuters reported on Friday that oil prices settled at a three-year high on expectations of supply constraints in the coming months amid demand spurred by easing travel restrictions.

Brent crude futures rose 86 cents or…

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