Peso among stablest currencies in region

10/22/2009

The peso continued to gain against a weakening US dollar while remaining among the least volatile currencies in the region.

Its year-to-date volatility against the US currency stood at 1.29 percent, the second most stable after the Chinese yuan at 0.08 percent.

Coming in third is the Taiwan dollar at 2.11 percent followed by the Malaysian ringgit, 2.12 percent; Thailand baht, 2.19 percent; Singapore dollar, 2.74 percent; Japanese yen, 3.46 percent; Korean won, 7.21 percent, and Indonesian rupiah, 7.51 percent.

The peso on Wednesday further traded stronger against the dollar after it reached the 47 level by mid-trade.

At the Philippine Dealing Exchange (PDEx), the local unit opened at 46.90 and hit a high of 46.86 and low of 47.08.

It closed at 46.91 for the day, better than the previous day’s 46.76.

Volume of trade surged to US$1.023 billion from day-ago’s 920.075 million.

Bangko Sentral ng Pilipinas (BSP) Gov. Amando Tetangco Jr. told reporters Wednesday that the local unit is moving in tandem with the other currencies in the region.

“If you look at the rest of volatilities, we are not the most volatile. We are not the least volatile so we are in the middle of the range of volatility but closer to the least volatile end of the range,” he said.

Market players are saying that the central bank is joining the market just to smoothen sharp fluctuations not to power the local unit.

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