The Philippine peso appreciated to a 4-year high against the dollar on Monday, February 15.
The peso closed at P47.93 against the dollar, the strongest in over 4 years or since September 22, 2016, when it closed at P47.83.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said the peso gained strength due to the further reopening of the Philippine economy, as well as the ongoing retail treasury bonds offering that “could entail foreign investors or buyers with US dollars to convert to pesos.”
The US dollar started the trading week on a bearish note, as traders moved away from the safe haven amid global vaccination efforts. – Rappler.com