Peso gains vs. US dollar but remains at P64:$1 level

The Philippine peso closed stronger on Wednesday, albeit still at P64-to-one dollar level.

The local currency gained 14.5 centavos to close at P64.025:$1, from P64.17:$1 on Tuesday —the 33rd record low for the peso against the greenback so far this year.

The peso hit a historic low of P64.18:$1 during the intraday trading, after opening at P64.08:$1.

In a commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the local unit’s strength was a “healthy correction” after rising for five straight days.

The peso was lifted by signals from President Ferdinand Marcos Jr. that “we have all the means to defend the peso; do not panic about the depreciating peso.”

Marcos earlier tried to allay concerns about the peso’s continuous plunge to record low levels.

He asked the public not to panic as the “government is trying to defend the peso “as hard as we possibly can.”

The peso’s weakness came amid the continuous spike in global crude oil prices due to the Middle East crisis. —NB, GMA News