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Peso gains a few points on strong oil price


 


Most emerging market currencies recovered against the dollar on Thursday as oil prices trekked back to $31 per barrel.

"Combining this with last night's Fed minutes, which confirmed that the Fed might not raise rates sooner than expected, the peso gained against the dollar," said Cherica Vicente, currency analyst at MetisEtrade.

The peso edged by 9 centavos higher at P47.580:$1 from 47.670 Wednesday.

"We expect the pair to trade sideways with a slight downward bias due to weaker US dollar overnight," Security Bank noted in its daily commentary. – VS, GMA News