Peso strengthens, closes at P56.96 to US dollar

Photo illustration of US dollar to PH peso exchange in this photo taken on September 30, 2022. Gigie Cruz, ABS-CBN News

Arthur Fuentes

ABS-CBN News

<p>MANILA - The Philippine peso continued to strengthen and finally recovered to the 56-to-the-dollar level at the end of Tuesday&#x27;s trading. </p><p>Data from the Bankers Association of the Philippines website showed that the peso was at 56.96 to the US dollar as the trading day closed. It opened at 57.25.</p><p>As late as June 26, the peso had touched a low of 58.86 to the US dollar. This was near the local currency&#x27;s historic low of 59 to the dollar, which was reached on Oct. 3, 2022. </p><p>The peso had started depreciating against the dollar in April along with other currencies, as the US Federal Reserve signaled a delay in expected rate cuts. After the release of disappointing US labor numbers which stoked fears of a recession, calls have grown louder for the Fed to ease rates.</p><p>At the start of the year, the peso was at 55.67 to the dollar. </p><p>More details to follow.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/OXXJZh5rusk?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span> </div>

<p>The Philippine peso continued to strengthen and finally recovered to the 56-to-the-dollar level at the end of Tuesday's trading.</p>

The Philippine peso continued to strengthen and finally recovered to the 56-to-the-dollar level at the end of Tuesday's trading.

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Peso strengthens, closes at P56.96 to US dollar

Peso strengthens, closes at P56.96 to US dollar

Arthur Fuentes,

ABS-CBN News

Published Aug 13, 2024 05:50 PM PHT

Read More:

peso

forex

peso-dollar exchange rate

depreciation

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