MANILA — The Philippine peso ended the week sideways to the dollar but at 47-level dragged by the eighth consecutive session weakness of the local bourse.
It ended the week at 47.05 to a US dollar from Thursday’s 46.98, which a trader said was also affected by the non-committal comment by Federal Reserve Chairman Janet Yellen overnight.
The trader said markets remain on the look-out for hints on the path of the Federal Reserve rates.
For the day, the local unit opened sideways at 47.00 from the previous day’s 46.93.
It moved to 46.95 but also dipped to 47.10 bringing the day’s average to 47.03.
Volume of trade reached US$704.8 million, lower than the previous day’s US$964.5 million.
Next week, the currency pair is seen to trade between 46.90 and 47.20.