The peso moved sideways to slightly strengthen by three centavos on Thursday as equity-related funds entered the Philippines following the country's biggest share offer.
After hitting a high of P41.39 early Thursday, a dollar fetched P41.22 by trade-end, comparable to the P41.25 close the day previous.
Over $1.09 billion changed hands on Thursday, way above the $859.3 million.
"The peso opened weaker today on revisions of growth forecasts by the IMF [International Monetary Fund]," a trader said.
Last Wednesday, the IMF lowered its growth forecast for 2013 and 2014 for most countries on account of worries about the US recovery and the the continuing debt woes in Europe.
The trader, however, said the peso then strengthened after dollars flooded the country as fund managers brought in foreign exchange a day after LT Group Inc. raised $911.6 million from a follow-on offering.
"Equity-related funds started flowing in later in the day, mostly due the LT group sale," he added.
The trader sees the peso moving within the 41.10 to 41.30 to a dollar band on Friday. — BM, GMA News
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