THE PESO continued to rise versus the dollar on Friday as the Democratic Party maintained its lead in the United States election.
The local unit closed at P48.22 versus the dollar on Friday, rising by nine centavos from its P48.31 finish on Thursday, data from the Bankers Association of the Philippines showed.
The peso opened Friday’s session stronger at P48.27 versus the dollar. It hit a low of P48.30 but closed at its intraday high.
Dollars traded rose to $779 million on Friday from $661.78 million the previous day.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso strengthened on the partial results of the US presidential election showing a continued lead for Democrat candidate Joseph R. Biden, Jr. over incumbent President Donald J. Trump, a Republican.
“Victory by Mr. Biden is expected to be good for the Philippines and the rest of Asia with less US-China trade war that increases trade and economic growth,” Mr. Ricafort said in a text message.
Meanwhile, a trader said the weaker safe-haven demand amid expectations of a victory for Mr. Biden pushed the peso up. — KKTJ