US Dollar Update, 10.06.2009

By Randell Tiongson on October 6th, 2009

Central Bank intervenes to support USD

    · Peso strengthened further, hitting a fresh 9-month high of P46.71 to a dollar vs P47.10 the previous day.

    · Attributed to strong inflows from overseas workers who sent home funds to families affected by Typhoon Ketsana

    · Philippine central bank reportedly bought around $200 million at several levels, with bulk at  46.72 mark.


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3 thoughts on “US Dollar Update, 10.06.2009”

  • In addition to OFW’s remittances the unemployment rate of US has reached almost the double digit mark (9+%)this month might have contributed to peso’s strength? Or it is because of the oil has rose back again? Remember last year that the dollar took a plunge down to P39 then the oil soars up to $145/barrel. I hope this is not what is happenning.

  • Having stronger peso at this time helps in stabilizing prices at a difficult time. However it’s also bad for dollar earners and OCWs. As long as the rate wouldn’t fluctuate as much and stabilizes at the current rate, I think the result will acceptable.

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US Dollar Update, 10.06.2009