MANILA, Philippines -- The peso strengthened further Wednesday, breaching the psychological level of 47.50 to the dollar, hitting a new six-year intraday high of 47.45 on large dollar inflows, analysts said.
The peso opened at 47.58 to the dollar and closed at 47.455, compared with Tuesday’s finish of 47.53. Volume of trade reached $658.3 million.
The strengthening of the peso “is still due to large inflows of remittances from overseas Filipino workers and investments into the equities market,” said Jonathan Ravelas, market strategist at Banco de Oro Universal Bank. [Read more]
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