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Peso closes stronger on trade recovery

The peso closed stronger Friday after official indicators pointed to a rebound in trade.

The peso closed at P50.33 to the dollar, against its P50.595 finish on Thursday, according to the Bankers Association of the Philippines.

Week-on-week, the peso also strengthened against its Oct. 29 level of P50.415.

The peso’s Friday close was its strongest since it ended at P50.27 on Sept. 22, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The peso opened the session at P50.62, its low, while the closing level was also the high.

Dollar volume increased to $1.2 billion from the $782.25 million traded Thursday.

The peso posted gains after external trade rebounded in September, Mr. Ricafort said.

The trade deficit widened to $4 billion in September from the deficit of $3.51 billion in August and the $2.27 billion deficit a year earlier.

Imports in September rose 24.8% year-on-year to $10.67 billion while exports increased 6.3% to $6.68 billion.

A trader said the peso also appreciated ahead of the US employment report for October.

The US unemployment rate as well as non-farm payrolls for last month are due for release Friday. — Luz Wendy T. Noble

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