Peso goes up, supported by remittances
ANNA BARBARA L. LORENZO, GMANews.TV
12/05/2008 | 06:53 PM
MANILA, Philippines - The Philippine peso closed the week on a higher note as remittances continued to support the local currency.
The peso opened weaker at P49.50 to a dollar, its lowest rate for the day, compared to Thursday's close of P49.37.
However, the market started letting go of its dollar holdings when the peso reached its intraday low, a Manila-based trader said.
"There was selling, plus you had the seasonal remittances coming in," the trader said.
For the coming week, the trader said the local currency will continue to trade sideways against the greenback.
"It will range trade from just above the P49 level up to about P49.500," he said. - GMANews.TV
The peso opened weaker at P49.50 to a dollar, its lowest rate for the day, compared to Thursday's close of P49.37.
However, the market started letting go of its dollar holdings when the peso reached its intraday low, a Manila-based trader said.
"There was selling, plus you had the seasonal remittances coming in," the trader said.
For the coming week, the trader said the local currency will continue to trade sideways against the greenback.
"It will range trade from just above the P49 level up to about P49.500," he said. - GMANews.TV
