The peso gained strength against the dollar yesterday, reversing previous slumps. Oil prices have recovered after failed talks among various oil producing countries, which drove the commodity much lower. The unit had closed at P46.085 versus the greenback on Tuesday. The Peso also traded stronger than the dollar throughout the session.
According to a trader interviewed by phone, “the peso strengthened due to profit taking amid stable oil prices. Oil prices rose due to news of strikes in Kuwait, which could potentially limit global oil supply. Exchange rate movements were minimal due to lack of major market-moving news.”
