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Peso among Asia’s top gainers vs US dollar
The Philippine peso is among Asia's most resilient currencies due to the country's strong external payments position and improving macroeconomic fundamentals.
Despite global economic uncertainties, including COVID-19 concerns and trade issues, the peso appreciated by 0.28% against the US dollar as of March 10, making it the fourth strongest after the Japanese yen, Hong Kong dollar, and Chinese renminbi.
The peso-dollar exchange rate is also one of the most stable in the region, second only to the Vietnamese dong among 12 other regional currencies, with a coefficient of variation of 0.27 percent.
This resilience is attributed to the strength and stability of the country's balance of payments (BOP) position and rising gross international reserves.
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The Philippine peso strengthened against the US dollar, closing at 51.05 on Wednesday after a one-day trading suspension due to the Luzon-wide enhanced community quarantine.
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Investor concerns over the rising number of coronavirus disease 2019 (Covid-19) cases globally spooked investors, resulting in the weakening of the Philippine Stock Exchange index (PSEi) and the peso on Thursday.
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