Peso recovers from slide vs US dollar
The peso on Friday gained 14 centavos, reversing seven consecutive days of decline since Nov. 16, to end the week at 49.84:$1.
The domestic currency nonetheless remained at its weakest level since Nov. 20, 2008’s 49.999:$1 at the height of the global financial crisis.
At the Philippine Dealing System, the peso reached an intraday high of 49.8:$1 and a low of 49.99:$1.
The total volume traded rose to $538.2 million from Thursday’s $437.6 million.
“The peso appreciated today primarily because of profit-taking after seven straight days of dollar gains. Likely intervention from the Bangko Sentral ng Pilipinas also allowed the peso to trim some of its weakness,” Land Bank of the Philippines market economist Guian Angelo S. Dumalagan said.
Last Thursday, the peso hit an intraday low of 50:$1 even as it closed at 49.98:$1.
