Peso strengthens to P55.905 vs US dollar | ABS-CBN
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
Peso strengthens to P55.905 vs US dollar
Peso strengthens to P55.905 vs US dollar
MANILA - The Philippine peso continued to strengthen on September 6, 2024, breaking through the P55 to the dollar level.
MANILA - The Philippine peso continued to strengthen on September 6, 2024, breaking through the P55 to the dollar level.
Data from the Bankers Association of the Philippine' website showed the local currency closed at P55.905 to $1 on Friday.
Data from the Bankers Association of the Philippine' website showed the local currency closed at P55.905 to $1 on Friday.
"We think that it's finally adjusting to normal. We have been somewhat expecting our peso to strengthen after years of weakness, it's also driven by the US dollar weakening. I think it's across the board, we remain positive going back to normalcy and the peso becoming stable, if not, a little bit on the stronger side," 2TradeAsia.com Executive President Chase Yap told ANC.
"We think that it's finally adjusting to normal. We have been somewhat expecting our peso to strengthen after years of weakness, it's also driven by the US dollar weakening. I think it's across the board, we remain positive going back to normalcy and the peso becoming stable, if not, a little bit on the stronger side," 2TradeAsia.com Executive President Chase Yap told ANC.
The last time the peso traded at the P55 level against the US dollar was in March this year. It was at P55.67 to the dollar in the beginning of the year.
The last time the peso traded at the P55 level against the US dollar was in March this year. It was at P55.67 to the dollar in the beginning of the year.
ADVERTISEMENT
The local bourse also ended the week higher, with the Philippine Stock Exchange Index (PSEi) closing at 6,936.09 level, which Yap said could be a reflection of the positive sentiment due to the expected US Federal Reserve rate cut and the impact of the Bangko Sentral ng Pilipinas' interest rate cut last August.
The local bourse also ended the week higher, with the Philippine Stock Exchange Index (PSEi) closing at 6,936.09 level, which Yap said could be a reflection of the positive sentiment due to the expected US Federal Reserve rate cut and the impact of the Bangko Sentral ng Pilipinas' interest rate cut last August.
ADVERTISEMENT
ADVERTISEMENT
