Peso inches up on profit taking from banks
The peso strengthened slightly against the dollar on Friday, March 2, on the back of profit-taking from banks.
The local currency ended the week at P51.90, two centavos stronger than the P51.92-per-greenback finish on Thursday.
The local currency opened the session at P51.84 versus the dollar. Its best showing was at P51.785, while its intraday low stood at P51.92 against the US currency.
Dollars traded on Friday dropped to $733.3 million from the $863.5 million booked the previous session.
A trader said in a phone interview that the peso moved sideways on Friday.
“We saw a lot of banks buying close to P51.80 and P51.85 levels,” the trader said, adding that he didn’t see the central bank intervening during the trading session. — Karl Angelo N. Vidal
