The peso capped 2015 at a stronger level against the US dollar, on Tuesday hitting a five-week high on profit taking.
The currency gained 10 centavos to close at P47.06 to $1 from its P47.16 finish on Monday, the strongest since November 25 when the peso stood at P46.97.
Banco de Oro Unibank Inc. chief market strategist Jonathan Ravelas said the local currency gained on profit taking as investors took into consideration the greenback’s weakness against the yen.
On Tuesday, the dollar lost some steam against the yen, dipping 0.1 percent to 120.26 yen.
Ravelas added that remittances from overseas Filipino workers also pushed the dollar-peso exchange rate stronger to close 2015 to P47.06 from lows of P47.49 early in December.
“This is short of my P46.70 yearend target or off by 0.77 percent,” he said.
The peso opened at P47.11 to $1 at the Philippine Dealing System before trading between P47.04 and P47.16. Total transactions rose to P372.75 million from P280.75 million on Monday.