Peso 'corrects' slightly to P61.485:$1 

The Philippine peso recovered slightly against the US dollar on Thursday, albeit still within the P61 level.

The local currency gained 8.2 centavos to close at P61.485:$1 from the record-low of P61.567:$1 seen on Wednesday.

The peso hit an intraday low of P61.75:$1 after opening weaker at P61.651:$1.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso’s-US dollar’s “correction” came after the latest exports and imports data, which both hit new record highs on a monthly basis.

The Philippine Statistics Authority reported that the country’s total trade in goods stood at its highest on record at $20.85 billion with imports at $12.68 billion and exports at $8.17 billion—both at their record highs in March.

Nonetheless, Ricafort said the breach above P61-to-one dollar mark seen since April 28 was largely triggered by some hedging activities on the country’s oil imports as a matter of prudence amid the continued closure of the Strait of Hormuz since the war on Iran started on February 28. — BM, GMA News