PESO GAINS 35.9 CENTAVOS, NOW P34.785/DOLLAR
Manila, Nov. 5, 1997 - The peso regained its strength and settled att a weighted average of P34.785 to the dollar yesterday.
The appreciation reflects positive developments on the whole banking sector and the efforts of the cental bank to moderate the trading activities of the banking sector. Monetary authorities believe that the peso's roller coaster movement is widely influenced by the speculative role of banks.
The volume of transactions increased, from $75.35 million last Monday to $104 million yesterday.
Reported by: Sol Jose Vanzi
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