The Philippine peso staged a modest recovery this week after hitting successive record lows against the US dollar, although it remained under pressure due to global market uncertainties.
On Friday, September 18, the peso closed at 62.749 against the US dollar, slightly weaker than Thursday’s 62.73 finish. Despite the marginal decline at the end of the week, the peso remained stronger than its record-low close of 62.86 recorded on Monday, September 14.
The local currency posted three consecutive days of appreciation from Tuesday through Thursday. It strengthened by .1 centavos to 62.739 on Wednesday from 62.835 on Tuesday, and posted its strongest for the week at 62.73 on Thursday, gaining 11 centavos.
The recovery came after the peso had recorded successive historic lows. Monday’s 62.86 finish surpassed the previous record low of 62.68 recorded on September 11.
According to Rizal Commercial Banking Corp.’s (RCBC) chief economist Michael Ricafort, the peso’s midweek recovery was partly supported by the easing of global crude oil prices.
“The US dollar/peso exchange rate again corrected slightly lower after global crude oil prices corrected slightly lower,” Ricafort said, as quoted by GMA News.
With the peso still trading above 62-per-dollar, market watchers will continue to monitor whether it can eventually recover toward its previous 61-per-dollar level in the coming weeks.