Peso strengthens vs dollar for 3 days
The Philippine peso strengthened against the US dollar for three consecutive trading days starting Monday.
On Monday, the peso weakened due to concerns over the novel coronavirus (nCoV), but improved on Tuesday and Wednesday as reports of slowing cases in China and a positive outlook upgrade from Fitch Ratings boosted investor sentiment.
By Thursday, the peso closed at P50.50:$1, up 7 centavos from Wednesday's close of P50.57:$1.
Fitch Ratings upgraded its outlook on the Philippines to 'positive' from 'stable', citing an upward trend in the country’s credit rating scale, although it flagged potential downside risks such as the coronavirus outbreak.
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