Hike In Oil Prices In International Market Results To Sideways Close Of PHP Vs. USD

The Philippine peso ended Wednesday sideways against the US dollar in line with regional currencies as oil prices trek higher.

It finished the trade at PhP47.29 from PhP47.35 a day ago after price of oil in the international market rose to US$ 34.76 per barrel on hopes that major oil producers solidify a deal to freeze output to stabilize prices.

It opened the day at PhP47.27, way better than the PhP47.44 in the previous session.

It traded between PhP47.30 and PhP47.23 bringing the day’s average to PhP47.26.

Volume of trade reached US$ 639.4 million, lower than the US$ 769.6 million Tuesday.

On Thursday, the currency pair is seen to trade between PhP47.20 and PhP47.40. (PNA) LGI/JSV