By FIL C. SIONIL
The peso rose to a new high of R49.28 to a dollar, the highest level in nearly five years as demand for the green "slowed down" on the back of a four-day long Christmas holiday break.
The last time the peso hit this level was February 2001.
A foreign bank currency trader said the peso showed signs of gaining further strength early on in the trading yesterday at the Philippine Dealing Exchange, opening at R49.28, staying the course except for a blimp when it dropped to an intra-day low of R49. 37.
At the end of the trading day, the peso settled at an average rate of R49.328 to a dollar, up by 6.4 centavos against the previous day’s averate rate of R49.392.
Total dollars that changed hands amounted to only 6 million, lower from the 3.3 million volume last Thursday.
"Trading slowed down significantly as banks just wanted to be square towards the long-weekend," currency dealers explained.
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr., on the other hand, said the sustained strong inflow of remittances from overseas Filipino workers (OFWs) pushed the value of the peso up.
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