Peso closes at 62.97 per dollar — back in the 62 range for the first time since the record low

Peso closes at 62.97 per dollar — back in the 62 range for the first time since the record low

📌 On Thursday, November 5, the Philippine peso closed at 62.97 per dollar, returning to the 62 range for the first time since its record low (64.17) on October 27. It strengthened by 56.5 centavos from the previous day's 63.535, and it is the strongest close since October 14 (62.87).

■ What's changing
· According to Bankers Association of the Philippines (BAP) data, the peso opened at 63.333 that day and traded between 62.90 and 63.35 during the session, while trading volume rose sharply to $2.005 billion from $1.324 billion the previous day.
· Economists cited the Democrats taking control of Congress in the U.S. midterm elections, which weakened the dollar, and reduced fears of further Iranian attacks, which pushed down global oil prices (Brent crude at around $95 per barrel), as the main reasons.
· However, experts cited by the Manila Bulletin said this rebound may be temporary. They explained that because the new U.S. Congress will not convene until January 2027, the peso could weaken again if Middle East tensions rise.

■ Tips for residents and travelers
· Exchange rates have been swinging sharply over the past few days, so when changing a large amount of money, exchanging it in installments rather than all at once can reduce your risk.
· According to BusinessMirror, Jonathan Ravelas of Reyes Tacandong & Co. expects a range of 62.90 to 63.50 for the time being.

■ Sources
Manila Bulletin (11/5), BusinessMirror (11/5)

■ Photo
· File photo · Peso bills and a 100-dollar bill — Manila Bulletin