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Peso firms up against dollar on profit taking

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The peso regained strength against the dollar on Monday, May 28, as investors took profits following the local currency’s near-12-year low last week.

The peso ended Monday’s session at P52.49, 21 centavos stronger than the P52.70-per-dollar finish on Friday.

The peso immediately bounced back as it opened the session at P52.635 versus the greenback. It rose to a P52.465 high, while its intraday low stood at P52.64.

Dollars traded slipped to $637.4 million from the $719 million traded last Friday.

A trader said that the peso appreciated due to profit taking from last week’s near-12-year low of the local currency.

“The peso appreciated today as investors took profits from last week’s rally of the dollar,” the trader said in an e-mail Monday.




On the other hand, another trader said the peso “tracked the other markets” as the financial markets in the US is closed Monday for the Memorial Day.

“We tracked the other markets. It’s holiday in the US so there’s no heavy position taking. Whatever the global market does, it affected the peso,” he said in a phone interview. — Karl Angelo N. Vidal

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