The peso posted a new 45-month high against the US dollar on Tuesday and solidified its position as the most appreciated currency in Asia.
The peso ended the day’s trading at 48.625, stronger than 48.71 per dollar on Monday. It was its strongest level since the 48.59 on Nov. 9, 2016. Total volume traded reached $875.4 million, more than double the $423.3 million previously.
The peso opened Tuesday’s trading at 48.66 and touched 48.61 at one point before settling at 48.625.
Astro del Castillo, managing director of First Grade Finance Inc., a finance and investment company, told Manila Standard earlier the strength of the peso was driven by the lack of demand for the greenback.
Bangko Sentral ng Pilipinas Governor Benjamin Diokno attributed the peso’s strength to the significant inflows of dollars in the country and the high gross international reserves that hit an all-time high of $98 billion at the end of July.