Peso nears P50 against US dollar before ending at P49.78
The peso neared P50 against the US dollar while stocks closed slightly higher on Friday, one day after the Philippines reported its economy posted the fastest growth in Asia.
The peso hit an intraday high of P49.805 against the greenback and closed at P49.78 at the Philippine Dealing System. Volume was slightly lower $812.90 million from Thursday’s $821.50 million.
The dollar gained strength from comments by US Federal Reserve chairman Janet Yellen’s testimony before the US Congress. Yellen, reports said, remarked that a rate rise could come “relatively soon” due to the improving US economy.
The peso lost 1.7 percent for the week, bringing its decline to the fourth straight week.
“Chartwise, the week’s close at 49.78 puts the psychological resistance of 50 within striking distance,” a report by BDO said.
Stocks ended with slim gains on Friday. The Philippine Stock Exchange Index closed 17.61 points higher to 7,067.73. Advances led declines 90-81 with 50 issues unchanged. DMS
