Peso slightly improves to P44.60 a US dollar

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The Philippine peso slightly improved on the last day of the trading week.

The local currency closed P44.60 to a dollar on Friday, appreciating 15 centavos from the P44.75 level on the previous day.

A think tank is seeing a temporary appreciation of the peso in November to December, however, it said that the overall trend is for a softer peso.

In the latest issue of The Market Call, the First Metro Investments Corp. and the University of Asia and the Pacific said that external risks would still have an impact to the exchange rate.


“The exchange rate is likely to remain hostage to international developments especially that of the United States,” it stated.

The think tank added that a majority of economists are foreseeing a brighter second half for the US, and its stock market is attracting investors.

It stated that, “with a better recovery in the US, long-term interest rates have started to move up and minimize the differentials with emerging markets, thus adding to the attractiveness of the US dollar.”

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