Peso closes at P49.43 on foreign fund inflows


Posted at Apr 12 2017 01:07 PM | Updated as of Apr 12 2017 05:15 PM

MANILA - The peso rallied for a fourth day on Wednesday, aided by foreign fund inflows on the last day of the shortened trading week.

The local unit closed at P49.43 from P49.635 on Tuesday. It appreciated to P49.61 in the previous day, its strongest since Jan. 13 according to Bloomberg data.

Foreign funds are returning to the Philippines and other emerging economies as US markets correct from recent rallies, BPI Securities analyst Riche Lim said.

Lim said the foreign-fund driven rally would continue after a pause on Tuesday.