MANILA — The Philippine peso regained its footing a bit after plunging to its 5-year and two-day-low against the US dollar Friday last week.
It ended the week’s first trading day at 45.66, Php 0.08 better from 45.74 in the previous session.
A trader said profit-taking was noticed during the day after the dollar rally last week.
“The Fed (Federal Reserve) is still widely expected to increase rates next month but until it hasn’t materialized expect the current swing of the currency pair to continue,” the trader said.
For the day, the peso opened at 45.68, sideways compared to the 45.65 in the previous trading.
It traded between 46.64 and 45.70 bringing the day’s average to 45.67.
Volume of trade reached USD 506.2 million, lower than the USD 610.4 million at the end of last week.
On Tuesday, the peso is seen to trade between 45.60 and 45.80.