Philippine Peso Closes Sideways Vs. USD

The Philippine peso ended Wednesday sideways against the dollar, even after rising to the 45-level, ahead of the April 17 meeting among major oil players.

It finished the trade at 46.08 from 46.01 a day ago.

It opened the trade at 45.98 from day-ago’s 46.13, which a trader traced to rise in oil prices on news reports that Saudi Arabia and Russia have agreed to freeze output ahead of the meeting between members of the Organizations of the Petroleum Exporting Countries (OPEC) and non-OPEC member countries in Doha, Qatar on Sunday.

The trader said the local unit’s strength in the morning trade was in line with the regional currencies’ rally.

The local unit traded between 45.90 and 46.09 bringing the day’s average to 45.98.

Volume of trade reached USD 723.5 million, higher than the USD 464.8 million in the previous session.

The currency pair is seen to trade between 45.90 and 46.10 Thursday. (PNA) RMA/JSV/RSM