Peso strengthens to five-month high

THE PESO maintained its strength yesterday to log a five-month high, supported by big fund inflows even as Philippine economic growth clocked in slower than expected. The peso closed at P52.57 against the dollar on Thursday, shaving off 38 centavos from the P52.95 finish logged the previous day. This marked the fifth straight session when the peso appreciated versus the dollar.

THE PESO maintained its strength yesterday to log a five-month high, supported by big fund inflows even as Philippine economic growth clocked in slower than expected.

The peso closed at P52.57 against the dollar on Thursday, shaving off 38 centavos from the P52.95 finish logged the previous day. This marked the fifth straight session when the peso appreciated versus the dollar.

The local unit traded generally stronger as it opened at P52.83, even touching a low of P52.485 throughout the session. It briefly touched P52.85 as its intraday high before settling at the closing rate.

Two currency traders attributed the sustained appreciation of the peso to renewed market optimism regarding inflation, boosted by equity inflows from offshore investors.

Dollars traded yesterday reached $1.353 billion, slightly lower than the $1.447 billion on Wednesday.

“They are saying there’s an inflow for San Miguel Corp., maybe since last week,” one trader said, referring to the conglomerate’s follow-on offering for its food and beverage unit worth P39.19 billion which concluded recently. •