Monday, June 25, 2018
Close  
  • share this

Peso returns to 50:$1 level

By: - Reporter / @bendeveraINQ
/ 05:56 PM September 07, 2017

The peso on Thursday returned to the 50:$1 level, closing at 50.93:$1 from 51.095:$1 last Wednesday.

The last time that the peso closed at the 50:$1 was on Aug. 10, at 50.795:$1.

“The greenback was generally weaker today (Thursday). It helped push the peso below the 51:$1 levels today. Expect the currency to try the 50.7-50.8:$1 levels in the near-term,” Banco De Oro Unibank Inc. chief market strategist Jonathan L. Ravelas explained.

ADVERTISEMENT

Ravelas pointed to the resignation of US Fed vice-chair Stanley Fischer, North Korean tensions, as well as a surprise Canadian rate hike as “key factors” to the weak dollar.

“Market players are also monitoring the category 5 hurricane ‘Irma’ bound for Florida,” Ravelas added.

The peso reached an intraday high of 50.93:$1 and a low of 51.1:$1 after opening at 51:$1.

The total volume traded jumped to $613.8 million from Wednesday’s $468.8 million.

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: dollar, Hurricane Irma, Peso, Philippine news updates
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2018 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.