Peso rallies from day’s low of P54.28:$1 to end at P54.11

September 17, 2018

The Philippine peso rallied from the day's low of P54.28 against the US dollar to close at P54.11 on Monday.

Volume rose from Friday's $660.15 million to $807.2 million at the Bankers Association of the Philippines foreign exchange portal.

The peso is still at near 13-year-lows even as the Monetary Board, policymaking body of the Bangko Sentral ng Pilipinas (BSP) approved the enhanced guidelines on the Currency Rate Risk Protection Program.

The program is aimed at easing demand pressures in the foreign exchange spot market, the BSP said.

This is a hedging facility offered by the BSP through universal or commercial banks for clients who are seeking to hedge their borrowings denominated in foreign currency.

Meanwhile, the Philippine Stock Exchange closed at 7,413.56, up 0.41 percent. In the broader market, there were 99 decliners, 95 gainers and 44 shares unchanged.

Volume reached 968.13 million shares worth P3.94 billion.

Most traded shares were led by BDO Unibank, down 1.71 percent to P115; SM Prime, up 1.65 percent to P:37; Ayala Corp., up 0.80 percent to P90.50 and Globe Telecom, up 1.28 percent to P2,200. DMS