last-minute surge in buying

Reporter

THE peso yesterday closed little changed against the dollar at P44.315 from Friday’s close of P44.34 as the market unloaded long dollar positions during the final minutes of trading, currency traders said.

The local currency opened at P44.40. It traded as high as P44.31 and as low as P44.485 during the session. 

The dollar’s broad strength caused most Asian units to shed against the US unit on Monday.

Banco de Oro Unibank chief market strategist Jonathan Ravelas said the market is looking at a near-term rally of P44.50 to P45.

“The P44.315 close only came at the last five minutes. That’s why the day’s average of P44.445 is far from the close. Because the dollar was strong, and oil climbed, there was buying interest in the dollar. Towards the close there was an unloading of dollars,” another trader said.

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Peso little changed despite last-minute surge in buying

THE peso yesterday closed little changed against the dollar at P44.315 from Friday’s close of P44.34 as the market unloaded long dollar positions during the final minutes of trading, currency traders said.