The Philippine peso rebounded against the US dollar on Wednesday after three consecutive trading days of depreciation, following remarks from the Bangko Sentral ng Pilipinas indicating possible interventions on the foreign exchange market.The local currency gained 21 centavos to close at P58.06:$1, also the intraday low, versus Tuesday’s finish of P58.27:$1 which was the worst showing in 18 months since November 8, 2022’s finish of P58.275:$1.According to Rizal Commercial Banking Corp.
“The US dollar/peso exchange rate finally corrected lower, considered a healthy downward correction… after reiterations lately about possible intervention in the local foreign exchange market to smoothen any excessive volatility, and restore order, if necessary,” he said in a mobile message.The BSP said the peso’s earlier weakness was in line with the performance of other currencies in the region, but it continues to monitor the market and “will participate” when necessary.
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