MANILA, Oct. 16 (PNA) — Traders remain wary on the path of global growth and this resulted to the sideways close of the Philippine peso to a US dollar Thursday.
The local currency ended the trade at Php44.87 from Php44.82 Wednesday.
A trader said investors took positions with a bias on the dollar even as economic reports from the US and Europe disappoint.
The trader added that corporates’ end-of-the-month demand for the greenback also factored in during the trading.
For the day, the local unit opened at Php44.76, better than the Php44.90 a day ago.
It moved to Php44.74 but also dipped to Php44.90 bringing the day’s average to Php44.81.
Volume of trade reached US$ 601.9 million, lower than the US$ 629.2 million a day ago.
For Friday, the peso is projected to trade between Php44.70 and Php44.90. (PNA)