Peso Appreciates as Dollar Softens Against Regional Currencies
The Philippine peso strengthened against the US dollar on Monday, as the greenback weakened against major regional currencies.
The local currency gained 16 centavos to close Monday at P50.790:$1 from P50.950:$1 on Friday.
“We saw some selling in the afternoon and at the close today. That can be related to the dollar weakening across major currencies except for the Euro, and so the dollar-peso tagged along,” a foreign exchange trader from a local bank said.
The foreign exchange market will be closely monitoring the minutes of the latest meeting of the US Federal Reserve, the trader added.
According to a report by Reuters, the US dollar weakened as investors were skeptical that President Donald Trump’s Republican party would succeed in its efforts at overhauling US tax law. — Jon Viktor Cabuenas/VDS, GMA News