Peso rises on increased inflows before trading break

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THE PESO appreciated against the dollar on Wednesday amid increased remittances ahead of the long weekend.

The local unit closed at P56.24 per dollar on Wednesday, strengthening by eight centavos from its P56.32 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session at P56.28 against the dollar. Its weakest showing was at P56.329, while its intraday best was at P56.18 versus the greenback.

Dollars traded went down to $1.18 billion on Wednesday from $1.55 billion on Tuesday.

The peso rose on the back of remittances ahead of the long weekend, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Consolidation was still the main theme for the pair with Holy Week inflows capping the intraday ranges. Today, the dollar-peso pair continued consolidating as month- and quarter-end requirements go against Holy Week inflow hedging,” Security Bank Corp. Chief Economist Robert Dan J. Roces likewise said in a Viber message.

Philippine financial markets will be closed on Maundy Thursday and Good Friday. — A.M.C. Sy