Peso returns to P52:$1
It seems that optimism has returned towards the peso.
The local currency has been on a good streak in recent days and has brought itself back to the P52 level versus the dollar in a span of a month.
The peso closed at P52.95 on Wednesday, Nov. 6, its best showing in three months. This improved from Tuesday’s P53.025 rate.
The Bangko Sentral ng Pilipinas (BSP) has been more vocal about their concern on increased peso volatility and has taken steps to temper the depreciation in recent weeks.
Trade volumes for the currency surged to $1.147 billion on Wednesday, signaling that a huge inflow may have finally pushed the peso to cross the P53 level.