Peso hits three-year high amid global optimism
The Philippine peso hit a new three-year high on Friday, closing at P48.765:$1.
This strengthening was driven by reduced demand for the US dollar as a safe haven amid improved global market risk appetite and optimism over potential COVID-19 vaccine developments.
On Thursday, the peso also strengthened to near four-year highs, closing at P48.84:$1 from P48.94 on Wednesday.
Rizal Commercial Banking Corp. Chief Economist Michael Ricafort attributed the appreciation to positive market sentiment and expectations of better economic recovery prospects.
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