June 17, 2021

Peso to strengthen vs dollar on remittances, central banks’ policies


THE PESO is expected to continue strengthening versus the dollar this week on expectations of continued easy monetary policy from the US central bank and the Bangko Sentral ng Pilipinas (BSP), as well as bets of improved remittance data.

The local unit closed at P47.81 per dollar on Friday, strengthening by 0.5 centavo from its P47.815 finish on Wednesday. Trading was suspended on Thursday in view of Eid’l Fitr.

Week on week, the peso also gained 4.5 centavos from its P47.855-per-dollar close on May 7.

The peso’s Friday finish was its best in more than four years or since Sept. 15, 2016, when it closed at P47.695 a dollar.

The local unit appreciated on Friday due to the continued weakness of the dollar against other currencies, a trader said in a text message.

The dollar weakened on signals from the US Federal Reserve that there would be no…

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