The peso on Friday strengthened to a seven-day high against the greenback after mostly trading near the 59-per-dollar level.
The peso closed at 58.625 from 58.97 on Thursday. It opened stronger at 58.60 and registered its strongest level for the day at 58.53. Total volume turnover reached $1.058 billion, up from $902.86 million Thursday.
Security Bank chief economist Robert Dan Roces told Manila Standard in a text message that the peso’s strength “was on the back of weaker US dollar overall leading to overnight shift in foreign exchange positions.”
Rizal Commercial Banking Corp. chief economist Michael Ricafort earlier said the offsetting positive factors for the peso going forward could be the declining global crude oil prices, lower major global commodity prices that could lead to lower net imports and narrower trade deficits, rollback in local fuel pump prices and lower inflationary pressures.
The peso touched the 59-per-dollar level before closing at 58.97 on Sept. 29, two centavos stronger than the new record-low of 58.99 on Sept. 27.