Philippines peso skids to P47.55:$1

MANILA, Philippines - The peso closed weaker Tuesday after firms sold off dollars to pocket profits. The peso closed at P47.55 per dollar, two-and-a-half centavos weaker than the previous day’s close of P47.525. Volume of transacted dollars fell to $997.92 million from $1 billion on Monday. The peso opened weak at P47.65 as the dollar gained ground against major currencies. "The [downward] momentum from Monday continued [Tuesday]. The dollar strengthened across the board because investors tend to hold on to dollars more than other currencies," a currency trader said. The trader added the peso tracked the weakness of local stocks, which closed 0.08% or 1.79 points lower to 1,996.04 points. The peso traded from a high of P47.43 and to a low of P47.83 as firms saddled with dollars unloaded holdings to rake in profits from the greenback’s gains. "There was no demand for dollars from the corporates so they sold their dollars," he said. The trader said that while the peso traded at a wider range Tuesday, market players approximated Monday’s finish "to position themselves for [today]." "The general sentiment still points to a strong dollar and a weak peso," the trader said. The trader also said the peso is expected to weaken further given the end of the remittance season and the weakness of the local bourse. — Gerard S. dela Peña