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Peso rises vs dollar on stock market’s gains

THE PESO strengthened versus the greenback on Tuesday following gains at the stock market.

The local unit closed at P50.14 per dollar on Tuesday, appreciating by 10 centavos from its P50.24 finish on Monday, based on data from the Bankers Association of the Philippines.

The peso opened Tuesday’s session at P50.17 against the dollar. Its weakest showing was at P50.21, while its intraday best was at P50.08 versus the greenback.

Dollars exchanged dropped to $998.7 million on Tuesday from $1.117 billion on Monday.

The peso strengthened as the Philippine Stock Exchange index (PSEi) climbed yesterday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The bellwether PSEi gained 23.3 points or 0.34% to end at 6,881.20 on Tuesday, while the broader all shares index shed 1.34 points or 0.03% to close at 4,264.99.

Meanwhile, a trader said the peso appreciated “as the global market stabilized following…market caution about the Chinese lender Evergrande”.

Evergrande is facing liabilities worth more than $300 billion, which is equivalent to 2% of China’s gross domestic product.

The People’s Bank of China summoned executives of the lender in August, warning it needed to reduce its debt risks and prioritize stability.

For today, Mr. Ricafort gave a forecast range of P50.05 to P50.25, while the trader expects the local unit to move within P50.05 to P50.30 per dollar. — LWTN

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