Peso back at 50:$1 level

THE peso on Thursday returned to the 50:$1 level, closing at 50.93:$1 from 51.095:$1 last Wednesday.

The last time that the peso closed at 50:$1 was on Aug. 10, at 50.795:$1.

“The greenback was generally weaker today (Thursday). It helped push the peso below the 51:$1 levels today. Expect the currency to try the 50.7-50.8:$1 levels in the near-term,” Banco De Oro Unibank Inc. chief market strategist Jonathan L. Ravelas explained.

Ravelas pointed to the resignation of US Fed vice-chair Stanley Fischer, North Korean tensions, as well as a surprise Canadian rate hike as “key factors” to the weak dollar.

“Market players are also monitoring the category 5 hurricane ‘Irma’ bound for Florida,” Ravelas added.

The peso reached an intraday high of 50.93:$1 and a low of 51.1:$1 after opening at 51:$1.

The total volume traded jumped to $613.8 million from Wednesday’s $468.8 million.

On Thursday, the main-share of the Philippine Stock Exchange index rose back to the 8,000 level as a US debt ceiling deal perked up regional markets.

The PSEi added 39.01 points or 0.49 percent to close at 8,002.98.

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