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Peso strengthens on stock market gains, vaccine optimism

BW FILE PHOTO

The peso rebounded against the dollar Friday, with sentiment boosted by the gains on the stock market and optimism about the impact of the vaccination drive on the economy.

The peso ended trading at P50.36 Friday, against its P50.40 Thursday close. On the week, the currency appreciated from P50.43 on the preceding Friday.

The peso at P50.42, with the low at P50.48 and the high at P50.33.

Dollar trading volume was $959.85 million Friday from $880.25 million the day before.

The peso appreciated after the second straight day of gains on the stock market, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The benchmark Philippine Stock Exchange index closed at 7,055.19 Friday, up 22.65 points or 0.32%.

The All-Shares index rose 17.70 points or 0.47% to 3,790.

Mr. Ricafort said investors were also bullish on the impact of the national vaccination campaign on the economy.

The three-day national vaccination drive, a special effort to boost the inoculation rate, was extended until Friday. The government had fully vaccinated 37.334 million people as of Thursday, according to the Department of Health (DoH).

The government is aiming to fully vaccinate 54 million people by the end of the year. — Luz Wendy T. Noble

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