Peso closed at 15-month high – 46 to $1
Peso closed at its highest for the last 15 months. Last Fridays dealing ended with the Philippine peso at a level of P46 to $1, in a 15-month record high attributed specifically to the influx of remittances for overseas Filipino workers.
Not surprisingly, because of the holiday season, we can expect more Filipinos overseas to send money to their love ones here in the country. Also, the financial assistance pouring in from kababayans abroad for the victims of recent typhoon, adding in to the volume of transactions.
The volume of transacted dollars ballooned from Thursday’s $633.36 million to $1 billion on Friday.
With the holiday season still far from over, we can expect more remittances from OFWs and hopefully this could push further the appreciation of our peso.
December 4, 2009
Tags: business news, dollar trading, finance, forex, money, Philippines Posted in: Foreign exchange, OFWs, Philippines, Pricing, banking, economy, finance, money
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