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Peso inches higher on US stimulus, extension of lockdown measures

peso inches higher on us stimulus extension of lockdown measures 816x445 - Peso inches higher on US stimulus, extension of lockdown measures

THE PESO inched up Tuesday as the government extended current quarantine measures in Metro Manila for another month and after the US government renewed talks on a stimulus package.

The local unit closed at P48.50 versus the dollar on Tuesday, up by one centavo from its P48.51 finish on Monday.

The peso opened Tuesday’s session at P48.45 against the greenback and reached an intraday high of P48.44. Meanwhile, its closing level was its intraday low.

Dollars traded rose to $536.21 million on Tuesday from Monday’s $490.35 million.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message that the peso inched up following the extension of current quarantine protocols in Metro Manila.

Meanwhile, a trader said the peso rose on improved sentiment amid progress in the latest stimulus package in the United States.

“The peso strengthened from market optimism amid news of continued discussions between US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin over the details of a possible second stimulus bill from the US Congress,” the trader said in an email.

For today, Mr. Ricafort expects the peso to move from P48.45 to P48.55 per dollar while the trader sees the local currency ranging from P48.40 to P48.60. — KKTJ

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