The peso exchange rate opened at P58.25 against the dollar and strengthened at P58.09 before closing at P58.22 on Thursday.
Michael Ricafort, chief economist of Rizal Commercial Banking Corp., told Daily Tribune that "the peso exchange rate remains relatively stable for the fifth straight week, already below the P59.00 psychological mark; now at P58.22, the strongest in more than a month."
This, also after the dollar corrected lower against major global currencies to the lowest in more than a month amid improved global market risk appetite and as a result of local stock markets gains to one-month highs from two-year lows posted in early October 2022.
The peso also continued to appreciate after global crude oil prices lingered near nine-month lows (since 3 February or before the Russia-Ukraine war started on 24 February), and other major global currencies also corrected lower in recent weeks/months amid risk of US recession and continued Covid lockdowns in China, thereby helping ease inflationary pressures in the coming weeks, said Ricafort.