MANILA, Nov. 6 (PNA) — Improvement of the political situation in the US after Republicans regained control of the Senate gave the US dollar further boost resulting to the Php45.00 close of the Philippine peso Thursday.
The local unit’s finish in a sideway movement against day-ago’s Php44.97 but a trader said hitting the Php45-level is still not a good one for the local currency.
The trader also cited the weakness in the local equity market after investors shed some of their holdings.
The local unit started the day at Php44.98 from Php44.90 a day ago.
Its opening level is the currency’s strongest for the day after it dipped to Php45.12.
This brought the day’s average to Php45.03 from Php44.89 a day ago.
Volume of trade reached US$ 736.9 million from the US$ 517 million a day ago.
The peso is projected to trade between Php44.90 and Php45.10 Friday. (PNA)