PESO RECOVERS, CLOSES AT P43.08=$1
Manila, Jan. 28, 1998 - The Philippine peso closed at P43.08 to the US dollar yesterday, up from Friday's close of P43.40/$1.
Analysts attribute the appreciation to weak dollar demand because of the Chinese New Year, a trend also observed in other Asian capitals.
Banks, which bought dollars Friday when the peso crashed to P45/dollar, were forced to unload, further strengthening the peso.
Reported by: Sol Jose Vanzi
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