Peso strengthens vs dollar, closes at P51.92
The peso strengthened against the dollar on Thursday, March 1, following the revised fourth-quarter US economic growth, which grew at a slightly slower pace than previously thought.
The local currency ended Thursday’s session at P51.92 versus the greenback, 18 centavos stronger than its P52.10-per-dollar close on Wednesday.
The peso opened Thursday’s session slightly stronger at P52.07 versus the dollar, while its intraday high stood at P51.905. The peso’s worst showing, meanwhile, landed at P52.10 against the greenback.
Dollars traded rose to $863.5 million from the $652.1 million that changed hands in the previous session.
A trader told BusinessWorld in an e-mail that the peso strengthened “due to profit-taking amid slower US GDP (gross domestic product) growth data.”
The US Commerce Department said on Wednesday that the US economy grew at an annualized pace of 2.5%, slower than the 2.6% reading and the 3.2% pace logged in the third quarter of last year.
However, the 2.5% GDP growth was in line with the forecasts of economists. — Karl Angelo N. Vidal
