THE PESO strengthened versus the buck on Tuesday on robust manufacturing information and features within the inventory market.

The native unit closed at P51.23 a greenback on Tuesday, appreciating by 4 centavos from its P51.27 end on Monday, primarily based on information from the Bankers Affiliation of the Philippines.

The peso opened Tuesday’s session at P51.24 per greenback. Its weakest displaying was at P51.295, whereas its intraday finest was at P51.21 versus the buck.

{Dollars} exchanged elevated to $942.21 million on Tuesday from $780.5 million on Monday.

A dealer stated the peso rose as manufacturing information launched on Tuesday confirmed improved exercise.

The Philippine Buying Managers’ Index (PMI) was at 52.8 in February, above the 50-mark that separates growth from contraction, IHS Markit stated on Tuesday. That is larger than the 50 in January and the very best since December 2018.

IHS Markit economist Shreeya Patel stated easing restrictions in addition to enhancements in materials availability helped enhance manufacturing unit exercise final month.

In the meantime, Rizal Business Banking Corp. Chief Economist Michael L. Ricafort stated the peso strengthened following features within the inventory market.

The Philippine Inventory Alternate index rose by 93.60 factors or 1.28% to finish at 7,404.61 on Tuesday, whereas the all shares index gained 31.96 factors or 0.82% to shut at 3,921.05.

For Wednesday, Mr. Ricafort gave a forecast vary of P51.10 to P51.30 per greenback, whereas the dealer expects the native unit to maneuver inside P51.05 to P51.25. — L.W.T. Noble

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