PESO GAINS TEN CENTAVOS
Manila, Oct. 18, 1997 - The peso registered a slight gain yesterday, closing at P33.851 from Thursday's P33.952/dollar.
The total volume of transactions at the Philippine Dealing System reached $102.5 million, trading at a very narrow range.
Dealers said "the volume of transactions are not really driven by demand, rather by pure trading." The Bangko Sentral ng Pilipinas (central bank) was present on the trading floor, but it was not aggressively intervening as it did earlier in the week.
The reduction of liquidity reserves which was supposed to pour in P10.5 billion in the financial system has had some positive impacts on the foreign exchange market.
Reported by: Sol Jose Vanzi
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