Peso extends winning streak as market welcomes Biden presidency

The Philippine peso continued to strengthen against the dollar on Thursday, driven by optimism on the administration of US President Joe Biden.

The local currency gained 0.6 centavos to close at P48.054:$1 versus Wednesday's finish of P48.06:$1.

"The peso strengthened from market optimism over expectations of favorable policy reversals under the administration of President Biden," Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said in an email exchange.

Biden was sworn in as the United States President on Wednesday, with orders to restore the United States to the Paris climate accord and the World Health Organization in his first day in office.—AOL, GMA News