PESO LOSES 93 CENTAVOS, NOW P34.24/DOLLAR
Manila, Oct. 16, 1997 - The peso weakened yesterday, losing 93.1 centavos for a weighted average of P34.239 to a dollar. It went up slightly during the day, closing at P33.75/dollar.
Traders said the depreciation of the local currency could be blamed on the continuing huge corporate demand for dollars.
Market sources say the Bangko Sentral ng Pilipinas (central bank) was heavily intervening the whole day in the Philippine Dealing System.
Trading was heavy, with total transactions reaching $276.5 million.
Reported by: Sol Jose Vanzi
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