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A Fitch Group unit revised its forecast for the Philippine exchange rate in 2020 and 2021 to average P49.60:$1 and P47.50:$1, respectively, from P49.75:$1 and P50.10:$1.
In a report on Thursday, Fitch Solutions said they see the P48:$1 resistance to become support as the Philippine peso trades in a range of P46 to P48:$1 over the short term.
It noted that the peso has been an “outperforming currency” this year, as it improved 5.3 percent year-to-date as opposed to the 3.6 percent of the Asian Dollar Index.
“Key drivers of the unit’s strength have been weak domestic import demand, the Philippines’ strong external fundamentals, surprises to the upside from remittance inflows and the Bangko Sentral ng Pilipinas’ policies to curb market volatility,” the report said.