Philippine News Agency
Peso improves vs. USD despite Luzon-wide community quarantine
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.
The peso opened at 51.8 against the dollar, trading between 51.85 and 51.01, with an average of 51.32 for the day.
Volume for the day totaled USD712.25 million, lower than the previous session's USD769.39 million.
Financial market platforms had suspended operations on Tuesday, the first day of the Luzon-wide enhanced community quarantine.
ING Bank Manila economist Nicholas Mapa remains optimistic about the peso, citing remittances from overseas Filipino workers (OFWs) as a continued support.
Mapa projects a 50-basis-point cut in the Bangko Sentral ng Pilipinas' (BSP) key policy rates on Thursday due to the impending economic impact of the virus and the quarantine.
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