PESO RECOVERS, GAINS 69.3 CENTAVOS
Mnila, October 3, 1997 - The Bangko Sentral ng Pilipinas (BSP) intervened in the foreign exchange market yesterday, pushing the peso's value up by 69.3 centavos to a weighted average of P34.233 per US dollar. Volume was heavy: $267.1 million, up from Wednesday's $192.2 million.
A trader told TODAY that the BSP sold dollars at P34. Banks were actively selling dollars, amidst fear that the overnight lending rates might go beyond the 85% prevailing in the swap market.
Reported by: Sol Jose Vanzi
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