Peso closes strong at 58.43
'The peso was stronger after the local stock market gained for the third straight day partly due to continued overnight gains in the US stock market and narrower budget deficit data.'
The peso exchange rate opened at 58.65 against the dollar, slumped to 58.72, then bounced back to close at 58.43 at the end of trading on Wednesday.
Chief economist Michael Ricafort of Rizal Commercial Banking Corp. said the dollar-peso rate increased for the second straight day, by -0.35 or -0.6 percent to close at the intraday high of 58.43, the highest closing rate in more than a month since 21 September.
This, ahead of the long holiday weekend that could entail holiday-related travel spending, and also after the dollar corrected lower against major global currencies.
There was also global market sentiment over Rishi Sunak's formal takeover as UK prime minister on 25 October and his vow to fix errors made by his predecessor.
"The peso was stronger after local stock market gained for the third straight day by +48.12 points or +0.4 percent to close at the intraday high of 6,121.53, partly due to continued overnight gains in the US stock market and narrower budget deficit data," Ricafort also said.