MikeLigalig.com

The Philippine peso strengthened against the US dollar Wednesday even after opening near the 50-level for the day.

It closed at 49.89, better than day-ago's 49.94 finish, which was its two-year low.

It started the day at the Philippine Dealing System shy of 50:1 dollar at 49.99, which is also its weakest trade Wednesday.

Strongest trade level during the process was registered at 49.84, bringing the day's average at 49.95, near Tuesday's average rate.

However, volume of trade remained low after only reaching $ 292.8 million from day-ago's $ 498.64 total.

Traders, earlier in the day, attributed the unit's resistance to fall to the 50 to a dollar level to central bank's intervention.

Monetary officials, on the other hand, said they keep the foreign exchange rate determination to the market and only intervene to address sharp volatilities in the rate.

Aside from risk aversion due to the current global economic and financial environment, traders traced the unit's weakness to the lower import growth figure of the Philippines that the government reported recently. - PNA

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