Peso nears 5-yr high

The peso hit its highest level in nearly five years yesterday, rising to an intraday high of 49.370 to a dollar on strong dollar inflow from Filipinos working abroad.

The Bangko Sentral ng Pilipinas (BSP) decision to keep key rates unchanged also boosted the peso, although dealers said the BSP move had been widely expected.

At the Philippine Dealing Exchange Corp. (PDEX), the peso opened strong at 49.430 before hitting an intraday high of 49.370 and a low of 49.475 to $1. It closed nine centavos higher at 49.390, its highest level since the peso last touched the 49.355 to $1 level on May 20, 2002.

Dealers said the absence of the BSP at yesterday’s trading had also driven the peso to a new record high, traders said.

Volume turnover was heavy at $569.83 million on an average rate of 49.428:$1.