In line with other Asian currencies, the peso pulled back on Monday as investors withdrew money out of emerging markets and poured it into US Treasury bill yields on better earnings prospects.
The Philippine unit shed 25 centavos to end Monday weaker at 40.91:$1, compared to Friday's 40.66:$1 close. Over $1.203 billion were traded on Monday, higher than the $953.96 million previously.
"A lot of hedge funds were pulling out of emerging markets as yields on US Treasuries increased over the weekend," a trader said by phone.
In a separate interview, a second trader noted that regional currencies fell as investors "found US Treasuries looking more attractive than other investments."
The second also said corporate demand pulled the peso further on Monday.
Tracking regional currencies markets and bourses, traders see the peso moving within the 40.80 to 41.00 per dollar band on Tuesday. — BM, GMA News
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