MANILA - The peso-dollar exchange rate climbed to the P41:$1 level amid demand for the greenback among importers.
At the Philippine Dealing System, the peso traded between 40.900 and 41.040 for every dollar, before closing at 41.020, weaker than Tuesday's 40.955.
Trading volume jumped to $810.6 million from the previous $493 million.
Metropolitan Bank and Trust Co said the peso-dollar pair traded within a "very narrow" range as the Bangko Sentral ng Pilipinas continued to buy dollars.
Metrobank said negative swap points did not stop sellers on Tuesday and a "last-minute" buying from the BSP took offers to P40.960 highs.
Trading on Wednesday was dictated by corporate demand, with most players becoming short of dollars. A local currency trader said there was strong demand from importers, adding that this may persist until next week.
The peso-dollar pair is expected to trade within a range of 40.90-41.10 against the dollar in the coming sessions.
source: interaksyon.com
