The peso returned to P46 to a dollar territory on Friday, hitting a four-month high on profit taking.
The currency gained 14 centavos to close at P46.94 to $1 from its P47.08 finish on Thursday. It was the highest level of the local currency since reaching P46.93 to $1 on November 6 last year.
Jonathan Ravelas, chief market strategist of Banco de Oro Unibank Inc. said the peso gained on profit taking of the greenback in emerging markets and Asia, as well as from shifting to long dollars against major currencies.
“This caused dollar-peso to close stronger. Other factors are portfolio flows to stock market,” he said.
The peso opened at P46.99 to $1 at the Philippine Dealing System before trading between P46.92 and P47.00. Total transactions fell to P649.755 million from P962.5 million in the previous session.