Peso weakens to 40.995:$1 on oil imports

December 11, 2012 5:43pm

The peso weakened to 40.955:$1 due to corporate buying, traders said Tuesday, citing the need of companies to cover oil imports.

 

The Philippine unit shed P0.015 from 40.940:$1 on Monday. 

 

"There is corporate demand lurking in the market," a trader said, noting, “The peso traded at a tight three centavo range."

 

Companies, – mainly oil importers – bought dollars "in preparation for the mid-month oil demand," another trader said.

 

Philippine Dealing & Exchange Corp. data showed the peso traded at a high of 40.960:$1 and at a low of 40.930:$1. 

 

Traders see the peso trading between 40.90 and 41.05 per dollar on Wednesday. — VS, GMA News