Peso stays firm as investors shun dollar assets

The Philippine peso kept its strength against the dollar Wednesday, as investors shun the greenback for safer assets like the Japanese yen and the Swiss franc.

The peso gained 18 centavos to close at P47.17:$1 from Tuesday's finish of 47.65.

"Among the most traded currencies in the world, investors preferred the safety of the Japanese yen and the Swiss franc than the US dollar amid falling global equity markets," Cherica Vicente, research analyst at MetisEtrade said in an emailed commentary.

Vicente noted it was primarily a case of supply, versus demand, with the peso gaining strength from the lack of buyers in the US currency. – Jon Viktor Cabuenas/VS, GMA News