Peso ends higher as overseas tensions ease

The peso rebounded against the dollar on Thursday anew as political tensions abroad eased.
The local unit ended the session at P52.52 against the dollar, eight centavos stronger than the P52.60-per-dollar finish on Wednesday.
The peso strengthened immediately, opening the session at P52.53. It rose to a P52.48-per-dollar high intraday, while its worst showing for the day stood at P52.635.
Dollars traded climbed to $886.88 million from Wednesday’s $686.1 million.
A trader interviewed on Thursday said the peso appreciated as it continued the upward move the previous day.
“It traded within the range, although it moved [higher] due to the continuation of the reversal [on Wednesday],” the trader said in a phone interview Thursday, adding that it moved sideways amid the bigger volume.
Meanwhile, another trader attributed the rise in peso to the positive developments of political situations overseas.
“The local currency strengthened today after geopolitical uncertainties in Italy temporarily eased [and] positive developments on a possible US-North Korean talks,” the trader said in an e-mail. — Karl Angelo N. Vidal