MANILA - The peso firmed up Monday against the US dollar as regional stock and currency markets rebounded from last week’s bloodbath, but overall sentiment remained cautious.
The peso closed at 47.255 to the dollar, near its intra-day high, gaining P0.435 from Friday’s close as dealers locked in gains.
Last week, the peso lost 1.38 percent of its value against the dollar as fears that the global economy was on the cusp of a recession led to a massive aversion to risk.
“Continued financial market turmoil makes emerging market investments unattractive,” said Jonathan Ravelas, chief strategist of Banco de Oro Unibank.
The peso has lost about 12.6 percent of its value since the start of the year, first because of skyrocketing food and fuel prices and recently because of the global credit crunch.
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