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Peso near 4-month high with OFW remittances |
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(07 December 2004, Tuesday - The Philippine Daily Inquirer)
XFN THE PESO closed Monday at its best level in nearly four months against the dollar, boosted by dollar remittances from Filipino workers overseas (OFWs), dealers said. The overall bearishness over the US dollar also helped the peso recover lost ground, with dealers now seeing the peso further toward 55 to the dollar as early as Tuesday. "Continued inflows coupled with the bearish sentiment towards the dollar gave the peso a further boost," a commercial bank dealer said. The peso closed at 56.025 to the dollar Monday after trading at between 56.01 and 56.045, on a volume of 270.2 million dollars. It had closed at 56.08 to the dollar on Thursday on 179.0 million dollars. The market was closed on Friday due to inclement weather. Monday's close was the peso's strongest finish since Aug. 24, when it ended at 55.98 to the dollar. Dealers said the market set aside persistent worries about a possible credit rating downgrade for the Philippines. Ratings agencies Fitch and Moody's Investors Service are expected to be the first to announce their verdict after assessing the performance of the Philippines in pursuing fiscal reforms, which they earlier criticized as quite slow. "Concerns about a rating cut are not a major drag on the peso so far," the dealer said. "Credit rating agencies are in fact saying that the peso's expected rebound in the last quarter will be factored in their assessment of the Philippines' credit quality." "If we breach the 56.00 level tomorrow [Tuesday[, the peso will likely recover to as high as 55.95 during the day." Dollar remittances from around eight million OFWs peak during the Christmas holidays. The central bank expects its projection of a six-percent increase in full-year OFW income remittances to be exceeded, after inflows jumped 9.4 percent to 6.2 billion dollars in the January-September period from the same months last year. With INQ7.net |
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