THE peso on Monday gained 41 centavos to close at P45.245 per dollar.

A currency dealer from a commercial bank said the market unloaded the US currency at P45.50 since there was little demand for the greenback.

“There was no corporate demand for dollars, especially in the morning because it was weaker overnight. Asian currencies are also improving, so at P45.50 support level, banks unloaded dollars,” the trader said.

“There was no BSP [Bangko Sentral ng Pilipinas] intervention. Market forces determined the trade. The stock market was also up. Fannie Mae and Freddie Mac also got support from the Fed. Oil is also more stable,” the trader said.

Another trader said demand for the local currency is expected to be range bound ahead of the central bank’s monetary policy meeting on Thursday.

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Peso gains on slack dollar demand

THE peso on Monday gained 41 centavos to close at P45.245 per dollar.

A currency dealer from a commercial bank said the market unloaded the US currency at P45.50 since there was little demand for the greenback.