Week on week, however, the peso strengthened by 19.50 centavos from its P50.755-per-dollar close on Feb. 7. A trader attributed the peso’s strength week on week to the outlook upgrade from Fitch Ratings and some local data. “When Fitch announced the outlook upgrade, the peso strengthened. This, along with narrowing trade deficit made the peso stronger,” a trader said in a phone call.

On Tuesday, Fitch Ratings upgraded its outlook for its credit rating on the Philippines to “positive” from “stable,” citing the country’s sound macroeconomic policy is poised to continue which could bolster growth and keep inflation stable.