The peso ends the week at P57.26 against the dollar

The peso rose to P57.26 against the US dollar on Friday, up 10 centavos to close the trading week on a positive note.

The trade opened at P57.44 and ranged from P57.23 to P57.45. Trading volume was $650.18 million, down from $661.88 million on Thursday.

The peso is strengthening “after the highest balance of payments (BoP) surplus data in seven months,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp..

The country’s balance-of-payments center posted a surplus of $711 million in October, narrowing the year-to-date deficit to $7.1 billion, Bangko Sentral ng Pilipinas (BSP) reported on Friday.

“The peso’s exchange rate also declined amid continuing gains for the local stock exchange, PSEi (Philippine Stock Exchange Index) for the second day in a row… by 33.64 points, or 0.5 percent, to close at 6,437.38,” Ricafort said. .

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