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MANILA — The peso moved sideways against the US dollar, closing at 50.550 as foreign political concerns and stock flow caused highs and lows in the movement of the local currency within the day.
With an intraday high of 50.450 versus $1 and a low of 50.650, the peso opened at 50.470, stronger than the previous day’s close of 50.530.
Tuesday’s close was a recovery from an almost 11-year low of 50.695.
Meanwhile, total volume traded amounted to $600 million from Tuesday’s $629 million.
Foreign flows back into the Philippine Stock Exchange, as well as growing political concerns surrounding Donald Trump Jr. and Russia resulted in the momentary strengthening of the peso against the greenback in early trading, said Emilio S. Neri Jr, vice president of the Bank of the Philippine Islands.
“The currency pair reversed to edge higher with investors loading up on the dollar ahead of Yellen’s testimony on Wednesday,” added Neri.
Neri is referring to Janet Yellen, chair of the US Federal Reserve System (Fed), set to deliver her semi-annual monetary policy testimony to US Congress on Wednesday and Thursday. (Report filed by Frances Josephine E. Espeso, Inquirer trainee) SFM