Peso Ends Monday Sideways On Failed Doha Talks On Oil Production Freeze

The Philippine peso moved sideways against the US dollar Monday after officials from major oil producing countries failed to agree on production cuts after a meeting in Doha Sunday.

It shed PhP0.09 after ending the week’s first trading day at PhP46.15 from PhP46.060 Friday last week.

A trader said the local currency moved in line with regional currencies after talks to set oil production cuts or at January 2016 levels bog down.

Thus, the local unit’s opening also resulted to its closing level, sideways from its PhP46.20 start in the previous session.

It traded between PhP46.14 and PhP46.20 bringing the day’s average to PhP46.17.

Volume of trade reached US$ 415.4 million, lower than the US$ 649 million at the end of last week, which the trader said is a sign of investors’ wait-and-see stance after last Sunday’s event.

On Tuesday, the currency pair is seen to trade between PhP46.10 and PhP46.30. (PNA) LGI/JSV/SSC