Peso claws back to 62 per dollar level

The Philippine peso climbed its way back to P62-to-one dollar level on Friday, after breaching P63:$1 and hitting a fresh record low for the 27th time this year.

The local currency gained 7.5 centavos to close at P62.985:$1, from a historic low of P63.06:$1 on Thursday.

The peso opened at P63.03:$1 and hit an intraday low of P63.23:$1 and a high of P62.97:$1 before closing.

In a commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso's "correction" came "after market sentiment locally and globally improved after the latest less hawkish signals from Fed Chair Kevin Warsh that reduced the odds of another +0.25 Fed rate hike on the next Fed rate-setting meeting on October 28, 2026."

Ricafort also said there were signs of intervention or smoothening of volatility above P63 per dollar.

"For Monday, the US dollar/peso exchange rate could range at P62.85-P63.05 levels. For next week, the US dollar/peso exchange rate could range at 62.70-63.20 levels,” the economist said. — VDV, GMA News