Peso breaks P41:$1 level on strong remittances

The Philippine peso broke into the P41 to a US dollar level on Thursday, boosted by money sent home by overseas Filipinos in time for the holiday season.

As of 10:24 a.m., the local currency had touched a high of 41.85 and a low of 41.92 against the greenback.

Volume traded had reached $157.50 million.

On Wednesday, the peso closed at a new seven and a half year high of P42.03 for every US dollar.

Jonathan Ravelas, Banco de Oro market strategist, told GMANews.TV in an earlier interview that aside from strong remittances from OFWs, the peso is also being propped up by dollar inflows into the stock market.

GMANews.TV

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