Peso hits intra-day high of 52.98:$1

The peso managed to break through the 53-to-a-dollar level yesterday, hitting an intraday high of 52.98 to $1 amid the government’s improved fiscal outlook.

Analysts said the foreign exchange market got a shot in the arm after the government reported that it posted a budget surplus for the second consecutive month in May on the back of better revenue collection and prudent spending.

At the Philippine Dealing System (PDS), the peso closed 1.5 centavos higher at 53.115 from Thursday’s close of 53.13 to the dollar.

The peso opened at 53.02 before hitting a high of 52.98 and a low of 53.13 to $1. Total transaction amounted to $435.50 million on an average rate of 53.055 to $1.