Thursday August 16, 2018

Peso ends P53.51 on Friday

SunStar File Photo

MANILA -- The peso ended the week at 53.51 from Thursday’s 53.53, which a trader said is as expected given its fluctuation due to ongoing economic developments.

It opened the day slightly weak at 53.54 from day-ago’s 53.47 as investors digested the recent statement of Federal Reserve Chair Jerome Powell forecasting the US economy's continued expansion and the possibility of further hikes in the US Fed’s key rates.

The local unit improved to 53.47 during the day but also moved to 53.55, bringing the day’s average to 53.51.

Volume totalled US$474.05 million, up from the previous session’s US$334.7 million.

The trader expected the currency pair to trade between 53.30 and 53.60 next week. (PNA)