MANILA, Jan. 21 (PNA) — The Philippine peso sustained its strong trade against the US dollar Wednesday buoyed by anticipations for announcement of additional stimulus program from the European Central Bank (ECB) this week.
It gained Php0.21 against the greenback after ending the day at Php44.40 from Php44.61 a day ago.
A trader said the ECB is widely expected to introduce another quantitative easing program when its officials make their decision on January 22.
”Foreign buying in the Philippine Stock Exchange (PSE) is also another factor that is helping the peso,” the trader said.
The peso started the day at Php44.58, a tad better than the Php44.67 in the previous trading.
It traded between Php44.60 and Php44.37 bringing the day’s average at Php44.49.
Volume of trade reached US$ 988.4 million, way higher than the US$ 606.8 million a day ago.
For Thursday, the peso is forecast to trade between Php44.40 and Php44.60 to a dollar. (PNA)