Peso rebounds as traders cash in on dollar gains

The Philippine peso rebounded against the dollar towards the end of the session on Friday as investors cashed in on the dollar's strength, snapping three straight days of weakness.

The local currency gained 6 centavos to close at P50.470:$1 from 50.530 on Thursday. But the peso still traded at its weakest level since September 11, 2006 when the pair closed at P50.540:$1.

"The peso's strength is due to profit-taking towards the end of the session," a trader from a local bank told GMA News Online.

The trader noted that the local unit plumbed an intra-day low of P50.600:$1 as the higher-than-expected revision of the US first quarter gross domestic product growth highlighted the greenback's attractiveness.

The US Commerce Department reported that the world's largest economy's first quarter growth was revised to 1.4 percent from 1.2 percent.

"However, investors locked in on the dollar's gains and sold it towards the closing," the trader noted.

Week-on-week, the peso increased by 25 centavos from P50.220:$1 on June 23. Year-to-date, it lost 75 centavos from 49.720 on December 29, the last trading day of 2016. — VDS, GMA News

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