Peso slips further to P45.03

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The peso continued to weaken against the US dollar in Friday trade, remaining above P45 to the dollar for the second day in a row.

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The local currency opened at P45.05 to $1 on the Philippine Dealing System (PDS) and traded between P45.03 and P45.09 before closing at P45.03.

Friday’s close was the weakest level for the peso since March 27, when it traded at P45.04 per dollar.

Friday’s close shed 3 centavos from the P45 finish on Thursday. Total volume transacted on the PDS eased to $580.300 million from $736.900 million traded Thursday.

Analysts have traced the stronger dollar to the improving labor data in the United States. Data from payroll processor ADP showed US businesses added 230,000 jobs in October. MAYVELIN U. CARABALLO

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