Peso stronger from expected higher remittances

The peso yesterday appreciated against the dollar as banks unloaded greenback stocks ahead of the Lenten break when remittances from Filipino workers abroad are expected to pile up.

It closed at an intraday high of P48.05, climbing by P0.12 from Tuesday’s finish.

"The market squared their dollar positions in view of the long weekend. They sold dollars," a currency dealer said.

"Since it’s a long weekend, banks have been selling the dollar on expectations of strong flows," another trader said. [Read more]