MANILA, June 9 (PNA) — The Philippine peso ended Tuesday sideways to a dollar but ended the day at 44-level after closing at 45-level a day ago.
It finished the trade at 44.99 from 45.02 Monday, which a trader attributed to comments from the Bangko Sentral ng Pilipinas (BSP) saying it would continue to join the spot market to address extreme volatility in the exchange rate.
The improvement of the local unit’s performance was hampered partly by withdrawals in the local equity market, the trader said.
The Philippine Stock Exchange index (PSEi) fell 2.16 percent or 161.45 points to 7,323.44 points Tuesday.
For the day, the local unit opened at 45.03, slightly better than the 45.10 a day ago.
It traded between 45.08 and 44.96 resulting to an average of 45.02.
Volume of trade reached USD 542.7 million, lower than the USD 822.1 million in the previous trading.
For Wednesday, the currency pair is seen to trade between 44.90 and 45.10. (PNA)