The peso edged higher than the dollar earlier this week, logging its best finish this year. The stabilized oil prices boosted risk-related sentiments, which helped with the results. The local currency managed to close at Php 46.86, which is up from the Php 46.955 in the previous session. This makes it the strongest close since November of last year.
The peso opened the current session a bit weaker versus the dollar. The intraday low was at Php 47.025, but climbed to as much as Php 46.84. The dollars traded declined to $503.5 million, as showed by the data from the Philippine Dealing System. It was originally at $750.6 billion. Bank traders note that the peso strength is driven by positive sentiment that the ECB will expand the stimulus measures for the current month.
