“Expectations of looser quarantine conditions coupled with some commercial flows also encouraged more selling in the dollar-peso spot market,” Mr. Asuncion said in a text message.
Metro Manila and some nearby provinces are under stricter lockdown until Aug. 18. President Rodrigo R. Duterte said last week he is unlikely to extend the modified enhanced community quarantine, saying funds are depleted and people need to go out and work.
Presidential Spokesperson Harry L. Roque, Jr. said on Saturday a general community quarantine will continue to be imposed in some key business areas outside Metro Manila, including Batangas, Quezon, Iloilo City, and Cebu City, among others.
Meanwhile, the fate of the National Capital Region, as well as Bulacan, Laguna, Rizal, and Cavite, will be announced by Mr. Duterte himself this Monday, Mr. Roque added.
The peso’s gain also came after gains in the US stock market which led to risk-on sentiment, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.
“The peso closed stronger amid continues weakness in the dollar after improved global market risk appetite that sent most US stock markets among 5.5 month highs,” he said in a text message.
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