Peso continues to gain strength

It gained 11 centavos more from Tuesday’s P48.81 per dollar to close at P48.70 per dollar.

A weak demand for the dollar, mainly from importers, gave additional boost, traders said.

The peso’s renewed strength came as a surprise as Asian currencies battle with unabated risk aversion arising from fears of a deeper US recession. The local currency had broken into the P49-to-the-dollar territory early in the week and had been losing for three straight days since Thursday last week.

It hit a fresh three-month low of P49.27 per dollar last Tuesday but managed to close stronger at P48.81 per dollar. Traders said banks have reviewed their dollar positions and decided to cash in yesterday.

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