7 months Peso strengthens, returns to P51:$1 Manilatimes |Biz
THE peso returned to the P51:$1 level on Wednesday, hitting a nine-month high on optimism of a continued pause in US interest rates. The currency, which opened at P52.00 against the greenback and rose to as high as P51.90 during the day, closed up 11 centavos at P51.91:$1, its highest since a P51.80:$1 finish on May 10 last year. A man holds P1000 bills inside a money changer in Malate, Manila. PHOTO BY DANTE DENNIS DIOSINA JR.Michael Enriquez, chief investment officer of Sun Life Financial Philippines, said a strengthening was expected given dovish statements on Tuesday from US Federal Reserve Chairman Jerome ... more