The US Dollar is trading at 48.23 against the Philippine Peso this morning, down -0.03% with a YTD return of -4.79%. The pair’s open rate sits at 48.2630 compared to the previous close at 48.2450.
The daily range of USD/PHP settles between 48.2230 and 48.4860 and the 52-week range will fluctuate between 48.09 and 51.95.
Since Biden’s win PHP has increased to the highest it’s been in four years. The Democratic victory has been “seen as generally favorable to Asia…with the expected easing of US-China trade war” said Michael Ricafort, Rizal Commercial Banking Corporation chief economist.
He continues to explain that there has been less of a demand for USD as a safety net “amid improved global market risk appetite especially in emerging markets such as the Philippines.”
Throughout this turbulent year, the Philippines ’ economy has weakened and with low imports, there has been little demand for USD.
The Philippine Governor Benjamin Diokno said that the country’s gross international reserves as well as the “confidence of international financial institutions and credit rating agencies” have bolstered support for PHP and the Philippine economy.
Canadian Dollar (CAD)
The Canadian Dollar has an exchange rate of 36.86 against the Philippine peso. CAD has been suffering due to energy prices and will continue to hold a declining pattern until oil prices stabilize.
The strength of PHP does place those relying on remittances from abroad at a disadvantage when converting to CAD or USD.
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By Surina Nath