Peso weakens on buying
Peso weakened on Thursday as corporations and the Bangko Sentral ng Pilipinas (BSP) bought dollars.
The Philippine unit weakens to end Thursday at 40.63=$1, shedding one and a half centavos from Wednesday's revised 40.615=$1 close.
Some $772.2 million were traded on Thursday, compared to Wednesday's $605.7 million trade volume.
"Peso closed marginally weaker on corporate demand and BSP presence in the market," a trader said.
He noted that it was mostly corporations who bought dollars, while the Bangko Sentral bought some less than $50 million.
Buying of dollars due to corporate demand causes an intraday depreciation bias on the peso.
The trader sees the peso moving within the 40.55 to 40.70 per dollar band on Friday. — Siegfrid O. Alegado/KBK, GMA News
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