PESO DOWN TO P34.05/DOLLAR
Manila, Nov. 18, 1997 - The peso weakened yesterday as traders bought up US dollars to cover their oversold positions. The Philippine currency averaged P34.051 at the close of trading, compared to Friday's P33.922.
The peso's general appreciation against the US dollar since early this month has been attributed mainly to the remittances of overseas Filipinos, but traders do not see the volume leave the banks.
One trader speculated that banks receiving collar remittances from Filipino workers may just be keeping the dollars to service their short positions.
Reported by: Sol Jose Vanzi
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