The Philippine peso depreciated back above the 54:$1 level after two consecutive days below this threshold as the foreign exchange market corrected even if the US dollar was seen as pointed toward a path to weaker positions. | RonWDomingoINQ /PDI
Even then, Ricafort said the latest trading result was still significantly improved from the record-high closing rate of 59.00 posted on Oct 3, 10, 13, and 17 in 2022.
He said the US dollar firmed up with stronger-than-expected US employment data and services data for the month of January 2023. Still, a US dollar is now worth P1.365 less than the P55.755 recorded at the end of 2022 — a 2.4-percent appreciation for the peso. “The peso exchange rate generally appreciated against the US currency in recent weeks as global crude oil eased to near one-month low…or even lower than the levels compared to the start of the [Russian invasion of Ukraine] on Feb. 24, 2022,” Ricafort said.Subscribe to our daily newsletter
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