Peso to Dollar Exchange Rate: 47:1

[pioneer]

The Philippine peso improved a little against the US dollar Friday after it closed at 48.08.

It closed P0.02 better than the previous day’s 48.10 finish.

At the Philippine Dealing System, the local unit opened further down at 47.92 against the previous day’s 47.75 start.

The peso rose to 47.89 during the trading but posted its weakest at 48.09.

This resulted in an average of 47.98, better than day-ago’s 48.04.

Volume of trade is down to US$ 663 million from the US$ 991.5 million Thursday.

Traders said risk aversion places a major role in the unit’s fluctuation but believe that the local currency will improve against the US dollar in the coming days as remittances from Filipinos abroad come in for the holiday season. - PNA

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