The Philippine peso gained against the greenback yesterday due to profit-taking and below-expected rise in US' wholesale inventories for May 2016.
It finished the trade at P47.21, better than the P47.32 Tuesday, which a trader traced partly to the 0.1 percent rise of wholesale inventories in the world's largest economy in the fifth month this year. Market expected a 0.2 percent rise.
The trader said recent rally of the greenback make some investors unload holdings and corporate demand has waned after they have finished their purchases for the month.
With this, the peso opened the trade at P47.22, an improvement from the P47.35 a day ago.
It traded between P47.32 and P47.17, resulting to an average of P47.24.
Volume of trade reached $598 million, lower than day-ago's $711.2 million.
The currency pair is seen to trade between P47.20 and P47.40 Thursday.*PNA
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