Peso logs fresh three-year highs amid lockdown easing hopes
The Philippine peso strengthened to log fresh three-year highs on Thursday, closing at P48.84:$1, its best level since November 2016.
Peso's appreciation was driven by optimism over potential easing of lockdown measures in Metro Manila and nearby provinces starting August 19.
On Tuesday, the peso surged to P48.92:$1, also a three-year high, following President Duterte’s remarks that the MECQ may be lifted by next week.
Duterte's comments and signals from Malacañang suggesting possible easing of restrictions contributed to market optimism and the peso's rally.
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