MANILA – The Philippine peso appreciated to the US dollar in the morning session Thursday and an economist said inauguration of new Philippine leaders proved positive on the local currency.
It opened the day at 46.91 and strengthened to as much as 46.88 mid-trade. Weakest trade in the morning session stood at 47.02.
This brought the morning trade’s average level to 46.96, little changed from the 46.93 same period in the previous day.
Volume of trade reached USD297.2 million.
BDO chief strategist Jonathan Ravelas said investors are optimistic on the entry of President Rodrigo R. Duterte’s administration.
“Local markets are optimistic on new Philippine leader as his change is expected to shift the country’s growth rate to a higher path through focus on agriculture, infrastructure and peace and order,” he told PNA in an SMS.
He projects the local unit to trade between 46.90 and 47.10 during the day.
Duterte was sworn in at Malacanang Palace 12 noon Thursday while Vice President Maria Leonor “Leni” Robredo took her oath of office at the Quezon City Reception House in New Manila past 9 a.m./PNA/FFC/JSV/EDS