PESO DIPS ANEW, P40.05/$1
Manila, Feb. 14, 1998 - The peso took an unexpected slide Thursday, pulled down by a region- wide currency decline.
The peso closed at P40.05 to $1, or a loss of P1.20 compared to Wednesday's closing of P38.85 to the dollar.
Forex traders said the strongest influence on the peso's movements was the over-all poor performance of Asian currencies Wednesday and Thursday.
Based on a weighted average of P39.805 to $1, the peso lost P1.1 when compared to Wednesday's average of P38.290/$1.
Rumors of a debt moratorium perked up the market late in the afternoon when foreign investors started buying up dollars.
Reported by: Sol Jose Vanzi
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