Peso gains anew versus dollar

The peso gained 24.5 centavos yesterday to settle at 53.450 to a dollar from Tuesday’s close of 53.695 on the back of the continued strong dollar inflow from overseas Filipino workers.

At the Philippine Dealing System (PDS), the peso opened at 53.740 before hitting a high of 53.440 and a low of 53.740 to $1.

Total transaction amounted to $585.50 million on an average rate of 53.545 to $1.

The peso has risen 4.8 percent so far this year against the dollar, the most of 15 Asia-Pacific currencies tracked by Bloomberg. A rising peso will make imported goods such as crude oil cheaper, helping stabilize domestic inflation.

Inflation was at 7.1 percent in November from a year ago, near the one-year low of seven percent posted in October and September.

The BSP expects this year’s inflation to average as much as 7.7 percent, less than the maximum 7.9 percent earlier forecast because of the strong peso.

BSP Governor Amando Tetangco Jr said earlier that they expect the peso rising to as high as 53 to the dollar next year.