The local unit closed at P52.32 per dollar on Friday, gaining 8 centavos from its P52.40 finish on Thursday, based on Bankers Association of the Philippines data. READ:
nish on Thursday, based on Bankers Association of the Philippines data.The peso opened Friday’s session at P52.33 against the dollar. Its weakest showing was at P52.35, while its intraday best was at P52.23 versus the greenback.The peso strengthened versus the dollar on Friday following positive market sentiment after most economic managers of the next administration were announced, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
Mr. Marcos also named former University of the Philippines President Alfredo E. Pascual as the head of the Department of Trade and Industry, and Manuel M. Bonoan, who headed San Miguel Corp.’s tollway operations, as the head of the Department of Public Works and Highways. He added that the local unit was also stronger after recent signals from the BSP for another rate hike in June.
Mr. Asuncion said that central banks in other countries would increase their benchmark interest rates to boost their local currencies and to curb inflation risks.
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