Peso bounces back to 44:$1 level

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The peso regained some lost ground back to the P44 level against the dollar in Monday’s trade from a seven-month low after the greenback weakened on the back of lower-than-expected US jobs data.

The local currency firmed to P44.86 to $1 at the end of the first trading day of the week, gaining 17 centavos from the P45.03 closing rate on Friday. Total volume transacted on the Philippine Dealing System thinned to $531.9 million from $580.3 million.

Friday’s peso rate at P45.03 was the lowest level since March 27, when the local currency traded at P45.04.

A local trader said the slight recovery in the peso is “generally in line with the rest of the region.”

The trader traced the dollar’s weakness to reaction to Friday’s US Labor Department report that the economy added 214,000 jobs last month, lower than the consensus forecast of 235,000.
MAYVELIN U. CARABALLO

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