MANILA, Aug 28 (PNA) — The Philippine peso closed the week sideways at 46.74 against a U.S. dollar.
The local currency was slashed by 0.06 from Thursday’s finish of 46.68.
A trader said Asian currencies, particularly emerging markets which are oil importers, are weaker today with the strengthening of dollar against Asian economies.
The trader, however, noted that the Philippine peso remains better than most currencies in the region.
“It [peso] is still above average compared to most other currencies in the region,” the trader said.
Peso opened the day stronger at 46.65 from last day’s opening of 46.75.
It traded between 46.64 and 46.76 bringing the average level at 44.70.
Volume of trade on Friday, despite overseas Filipino workers staged “zero-remittance day”, registered a total of US$ 676.6 million.
This is only a 2.38 percent decline from Thursday’s total volume of US$ 693.1 million.
Peso and dollar trading next week is expected at 46.60 to 46.90. (PNA)