The Philippine peso hit a five-month high against the US dollar at the start of the week, in line with the rest of the region’s dominance versus the greenback.
The currency gained 3 centavos to close at P46.59 to $1 from its P46.62 finish on Friday
last week. It was the highest level for the peso since reaching P46.54 to $1 on October 26 last year.
Nicholas Antonio Mapa, associate economist at the Bank of the Philippine Islands (BPI), said foreign players are now back in full force in both the stock and bond markets, which in turn is helping to support the peso.
“Mid-month corporate trading has also helped the peso appreciate on strong two-way interest, especially with exporters looking to unload their receipts before the currency pair falls further,” he added.
The peso opened at P46.50 to $1 at the Philippine Dealing System before trading between P46.61 and P46.44. Total transactions fell to P673.6 million from P712 million in the previous session.