MANILA, (PNA) — The peso capped this week sideways against the dollar at 43.05 from Thursday’s 43.08 on general weakening of the US currency in the region given the partial shutdown of the US government.
It opened better at 43.10 from the previous day’s 43.22 as investors continue to give credence on the domestic economy after getting an investment grade rating from Moody’s Investors Service Thursday.
It further rose to 43.02 in the morning but pulled back to 43.24 mid-trade on dollar demand from banks. This resulted to a 43.13 average for the local unit during the day.
A trader said appreciation of the local currency was not that high on possible intervention by the central bank.
Monetary officials have continuously reiterated that foreign exchange in the Philippines remains market-determined although it admits joining the trading to address extreme exchange rate volatility.
Volume of trade reached US$ 1.01 billion from day-ago’s US$ 973.8 million.
On Monday, the peso is expected to touch the 42 level on expectations of possible weakening of the world’s largest economy’s currency given the current situation in the US government.