Peso up on remittance flows
THE PESO rebounded versus the greenback on Wednesday on remittance flows ahead of the Holy Week break and the government’s latest bond issuance.
The local unit closed at P52.03 per dollar on Wednesday, appreciating by seven centavos from its P52.10 finish on Tuesday, data from the Bankers Association of the Philippines showed.
However, it weakened by 44 centavos from its P51.59 close on April 8. The market will be closed on April 14-15 for holidays in observance of Maundy Thursday and Good Friday.
The peso opened at P52.10 versus the dollar on Wednesday, which was also its weakest showing. Meanwhile, its intraday best was P51.88 against the greenback.
Dollars exchanged decreased to $1.195 billion on Wednesday from $1.416 billion on Tuesday.
A trader in a Viber message said the peso strengthened on the back of remittance flows for the holidays.
“Traders also lightened up their positions ahead of the long weekend,” she said.
The peso appreciated following the Samurai bond issuance of the government, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The government raised ¥70.1 billion or P29 billion from its offer of multi-tranche sustainable Samurai or yen-denominated bonds, the Bureau of the Treasury announced on Wednesday. Proceeds from the issue will fund projects related to climate change mitigation and sustainable development. — L.W.T. Noble
