The peso moved sideways against the dollar on Friday, May 4, following the faster inflation print in April.
The local currency ended at P51.675 versus the greenback on Friday, 0.5 centavos weaker than the P51.67-per-dollar finish on Thursday.
The peso opened the session flat at P51.67 against the US currency, while it soared to as high as P51.555. Meanwhile, it slipped to a P51.71 low before landing to its close.
Dollars traded rose to $823.4 million from Thursday’s $723.1 million.
“The peso closed sideways today, while appreciating at the morning trade after the release of stronger Philippine inflation for April,” a currency trader said in a phone interview.
The increase in consumer prices accelerated in its fastest pace in five years in April, the Philippine Statistics Authority announced early Friday.
April inflation stood at 4.5%, faster than the 4.3% print the previous month while matching the median estimate in a BusinessWorld poll of 11 economists.
This was also near the upper band of the 3.9-4.7% target range set by the Bangko Sentral ng Pilipinas. — Karl Angelo N. Vidal