Peso rallies to close at P50.58 against US dollar

July 7, 2017

The Philippine peso hit a low of P50.68 against the US dollar before recovering to close on Friday at P50.58, a gain of nine centavos from the previous day. Volume at the Philippine Dealing System reached $514.70 million from $428.90 million. The peso declined for the fourth straight week as it touched a new 11-year-low of P50.695 against the dollar in intraday trading on Thursday. Stocks moved sideways as the Philippine Stock Exchange index finished 1.02 points up to 7,889.33. In the broader market, there were 104 decliners, 102 gainers while 46 were unchanged. Volume reached 2.03 billion shares worth P6.9 billion. Foreigners were net sellers as buying amounted to P3.47 billion while selling was at P3.62 billion. Among gainers were Global Estate Resorts Inc up 15.33 percent to P1.58. Most active shares were led by Metrobank, up 3.63 percent to P92.35. DMS