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Peso inches up amid lack of leads

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THE PESO inched up against the dollar on Tuesday and traded mostly sideways as the market consolidated after the long weekend.

The local unit closed at P58.62 per dollar on Tuesday, rising by three centavos from its P58.65 finish on Friday, Bankers Association of the Philippines data showed.

Philippine financial markets were closed on Monday (June 17) in observance of Eid’l Adha or the Feast of Sacrifice.

The peso opened Tuesday’s session slightly weaker at P58.68 against the dollar. Its worst showing was at P58.73, while its intraday best was at P58.60 versus the greenback.

Dollars exchanged went down to $858.53 million on Tuesday from $1.08 billion on Friday.

The peso-dollar pair consolidated following Monday’s trading break and ahead of the release of US data on retail sales overnight, Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“Last Friday, mid-month demand was tempered by inflow hedging ahead of the long weekend,” Mr. Roces said.

The peso was also supported by the continued growth in remittances, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

Cash remittances from overseas Filipino workers coursed through banks rose by 3.1% to $2.562 billion in April from $2.485 billion in the same month a year ago, data from the Bangko Sentral ng Pilipinas (BSP) released on Monday showed.

From January to April, cash remittances rose by 2.8% year on year to $10.782 billion from $10.487 billion.

The BSP expects cash remittances to grow by 3% this year.

For Wednesday, Mr. Ricafort said the peso could move between P58.55 and P55.75 per dollar. — AMCS

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