Forex
Peso Rebounds After Four-Day Losing Streak
The Philippine peso ended its four-day losing streak on October 2, closing at 62.535 per US dollar after weakening by as much as 13.5 centavos to 62.775 on Thursday.
The rebound comes after the peso posted losses in each of the first four trading sessions of the week, slipping from its opening price of 62.545 on Monday, September 28.
Michael Ricafort of Rizal Commercial Banking Corporation (RCBC) attributed the Friday rebound to a natural correction following consecutive declines and potential dollar inflows from government Retail Treasury Bond offerings and the initial public offering of GCash parent Mynt Inc.