PESO ON UPSWING, GAINS 29 CENTAVOS
Manila, Oct. 17, 1997 - The peso rebounded to an average of P33,952 to the dollar, roughly 29 centavos higher than Wednesday's average of P34.239/dollar.
The peso's performance is credited to banks' holding back on dollar purchases due to central bank restrictions on holding long dollar positions.
The Bangko Sentral ng Pilipinas (central bank) intervened early, selling dollars at P33.75. The peso fell to P34.30, recovering only because of low demand from companies and banks.
Describing the day, a trader said "It's a boring day; the banks ended up buying and selling dollars with each other."
Reported by: Sol Jose Vanzi
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