MANILA, Philippines — The Philippine peso ended the week sideways against the dollar amidst the rally of the greenback on hawkish comments from Federal Reserve Chairman Janet Yellen.
It finished the trade at PhP46.13 from PhP46.10 in the previous session, which a trader said was also due to recovery of crude oil prices.
The trader said the morning session was biased on the dollar given the comments of Fed officials in a forum in New York, with Yellen saying that the labor market is close to full strength.
The local unit opened at PhP46.22, weaker than the PhP46.11 Thursday.
It traded between PhP46.25 and PhP46.13 resulting to an average of PhP46.19.
Volume of trade reached US$ 640 million, lower than the US$ 738.5 million a day ago.
Next week, the currency pair is seen to trade between PhP46.10 and PhP46.30. PNA/northboundasia.com