The peso on Friday appreciated to an almost two-month high against the US dollar, following the latest Bangko Sentral data showing higher gross international reserves at the end of October.
The local currency closed at 49.85, stronger than the 50.165 per dollar on Thursday. It was its strongest level in almost two months since the 49.79 on Sept. 15, 2021. Total volume turnover stood at $1.067 billion, down from $1.140 billion previously.
“The peso exchange rate appreciated today vs. the US dollar, by 0.315 or 0.6 percent to close at 49.85, the strongest in nearly two months or since September 15, 2021 when it closed at 49.79, after the latest increase in the GIR to new nine-month highs [since January 2021] and near the record high of $110.1 billion posted in December 2020,” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., said in a response to Manila Standard via email.
The BSP reported Friday that the GIR rose $1.35 billion to $107.95 billion as of end-October 2021 from the end-September level of $106.6 billion.