FFE Magazine

PHP hits record-high finish over USD

by FFE PH News staff

The Philippine peso reached a three-month high yesterday as it closed at P43.05 – a 48-centavo increase from Wednesday’s P43.48 per $1 finish.

This was the peso’s strongest performance since June 17, when it closed at P42.875 against the US dollar. Since then, the peso has been traded at P43 to P44:$1.

Two traders who were interviewed expect that the peso will break into the P42:$1 level this week or next. They said that since the US Federal Bank continued its bond-buying programme, which aims to boost growth, virtually all currencies are strengthening against the dollar.

The peso is expected to finish within the P42.75 to P43.00 range today.

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