Business
PHP Weakens Vs. USD As Oil Prices Slip
The Philippine peso weakened to a greenback Tuesday partly due to news that Saudi Arabia is not keen on freezing oil output if Iran will not join it.
It finished the trade at 46.26 from 46.10 in the previous session, which a trader also traced to some foreign investors decision to unload some holdings of local equities.
The local unit’s weakness started early on when it opened at 46.24 from the previous day’s 46.00.
It traded between 46.27 and 46.16 resulting to an average of 46.22.
Volume of trade reached USD660.76, higher than the USD 519 million in the previous session.
On Wednesday, the currency pair is seen to trade between 46.10 and 46.30. (PNA) BNB/JSV
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