By Karl Angelo N. Vidal, Reporter
The peso rebounded against the dollar on Thursday, April 26, as investors took profits from the recent rally of the greenback.
The local currency closed at P52.15 against the greenback on Thursday, 16 centavos stronger than the P52.31-per-dollar finish on Wednesday.
The peso traded stronger the whole day, opening the trading session at P52.25. It dipped to as low as P52.28 while its intraday high stood at its P52.15-per-dollar close.
Dollars traded rose to $736.2 million from the $714.64 million logged the previous day.
“The peso strengthened today as market players took profits from the recent rally of the dollar in the past few days,” a currency trader said through e-mail.
Meanwhile, another trader said that the peso “continued to consolidate as we still don’t see any breakout yet.”
“We’re seeing flows from both sides. There’s still demand from oil companies, but we’re continuing to see inflows also,” the trader said in a phone interview.
“The offshore dollar-peso market [was] pretty much on the offer side, so there’s not much room for the dollar-peso to move higher despite the fact that we’re seeing the dollar trading stronger against the major currencies,” the second trader added.
