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Peso inches up versus the dollar on eased lockdown
The Philippine peso slightly appreciated against the US dollar on Wednesday, closing at P48.495.
This movement was influenced by the extension of quarantine measures in Metro Manila and the expectation that the Bangko Sentral ng Pilipinas (BSP) will keep interest rates unchanged.
The local currency opened stronger at P48.41 and reached an intraday high of P48.38 before closing nearer to its intraday low of P48.50.
Trading volume increased to $726.57 million from $536.21 million the previous day.
The peso's appreciation was attributed to sentiment boost from the extended quarantine measures, allowing more people to return to work, and the anticipated steady benchmark interest rates from the BSP.
Analysts expect the BSP to leave benchmark interest rates untouched to preserve room for future adjustments if economic recovery falters.
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