Peso hits P56.2 in opposition to USD

The peso misplaced 3 centavos on Wednesday to shut at P56.2 in opposition to the greenback versus Tuesday’s P55.9.

Buying and selling opened at P55.9 and ranged from P55.89 to P56.3 which interprets to P56.12 on Wednesday.

Quantity reached $882.85 million, up from $813.27 million within the earlier session.

Michael Ricafort, chief economist at Rizal Industrial Banking Corp., stated the peso weakened “after the lengthy Christmas vacation weekend and after the seemingly peak/peak and eventual finish of holiday-related spending.”

Nevertheless, he famous that “there could also be one other spherical of elevated holiday-related spending, albeit on a smaller scale, to organize for the upcoming New 12 months’s lengthy vacation weekend”.

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Because the starting of 2022, the peso has depreciated a complete of 5,201 pesos, or 10.2 %, from its closing price of fifty,999 pesos:$1 on the finish of 2021.