Starting strong: Peso closes at P49.81 to $1 on first day of 2018
The peso opened the year by trading at a seven-month high.
The peso has been on its way to recovery over the past few weeks, with the rally extending into the new year.
The local currency ended trading at P49.81 to a dollar on Wednesday, Jan. 3, the first day when financial markets opened in 2018. This grew 12 centavos stronger than its 2017 close at P49.93 per dollar on Friday, Dec. 29.
This is the peso’s strongest rate since June 16, 2017 at P49.63.
Analysts have been betting that the peso will stay at the P50-52 level over the coming months, but it seems that the currency did the reverse.
Will the streak continue?