Philippine peso to dollar exchange rate today

RT Quote | Exchange

Last | 8:14 AM EDT

58.878

• Open58.39
• Prev Close58.39
• Day High58.981
• Day Low58.36

KEY STATS

• Open58.39
• Prev Close58.39
• Day High58.981
• Day Low58.36

Latest On US Dollar/Philippine Peso FX Spot Rate

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Indicative Foreign Exchange Rate as of November 03, 2022 08:51 AM*

These rates are indicative only and may change without prior notice.

Visit your nearest branch to know the actual rates for the day.

Rates are quoted in Philippine peso (PHP). What Foreign Currency Exchange Rates Are

Different countries have different currencies, and it is through Foreign Exchange that people can convert the currency of one country into another. For instance, if the Philippine foreign exchange rate vs USD is at 52.250, this means that 1 US dollar can be converted into 52.250 Philippine pesos.

Foreign currency exchange rates are constantly changing without notice; they can go up or down depending on market conditions, the perceived strength of the Philippines’ economy, and other factors that may not be related to its actual situation.

Understanding the Foreign Currency Exchange Market

The trading of foreign exchange is a global market activity where market participants generally consist of government institutions, financial institutions, fund managers, brokers, corporations and retail investors. Given the wide accessibility of foreign exchange markets, large movements and heightened volatility are unavoidable. Hence, central banks would occasionally employ policies to ensure market stability. Although, there is no single entity that controls or dictates foreign exchange rates.

Free market conditions generally prevail, which means that foreign currency exchange rates move based on supply and demand. For instance, importers may look to purchase US Dollars to pay their suppliers abroad. Exporters, on the one hand, would likely seek to exchange their foreign currency revenues into Pesos in order to cover their operating expenses. Retail clients may purchase Japanese yen for a travel holiday to Japan. Overseas workers may remit their Euros to their families, who would in turn, convert this into Pesos to spend. Prices are determined in this manner—the greater the demand for one currency versus another, the higher their exchange rate. Conversely, the more sellers there are of one currency versus another, the lower its exchange rate tends to be.

These are some of the numerous ways in which foreign exchange markets operate and benefit the international economy. They allow for the globalization of trade, accessibility of travel, and diversification of investments.

Because forex rates, both in the Philippines and elsewhere, are always changing, the forex exchange rate today will most likely be different from the rate tomorrow.

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