Peso extends winning streak to mark fresh 3-year high

The Philippine peso appreciated against the US dollar for the second consecutive trading session on Thursday, marking a fresh three-year high.

The local currency gained a centavo to close at P49.365:$1, now the strongest in over three years since the local currency closed at P49.35:$1 on November 16, 2016.

According to BDO Unibank Inc. chief market strategist Jonathan Ravelas, there was less demand for the greenback during the session.

"Persistent weakness of the greenback and the lack of demand for the dollar has kept the USD/PHP on the rise," he said in a mobile message.

Moving forward, Ravelas said the exchange is expected to trade between P49.30 to P49.60:$1 levels. -MDM, GMA News