Peso ends sideways vs USD ahead of another eurozone ministers' meeting on looming Greek crisis

February 21, 2015 12:34 am 

By Joann Santiago

MANILA, Feb. 20 (PNA) — The Philippine peso ended the week sideways to a dollar as investors await resolution of the Greek debt crisis.

It finished the trade at Php44.24 from Php44.23 last Wednesday. There was no trading Thursday as it was a non-working holiday in line with the celebration of the Chinese New Year.

”Hopes are still high that resolution on the current plight of Greece’s bail-out package could be solved,” a trader told the Philippines News Agency.

A meeting between Greek officials and Eurozone finance ministers is scheduled Friday, four days after a failed meeting Monday, in a bid to thresh out issues to prevent another debt crisis in Greece.

Even with this development, the trader said inflows in the local bourse also helped buoy the local currency.

For the day, the peso opened at Php44.20, better than the Php44.30 in the previous trading.

It traded between Php44.25 and Php44.17 resulting to an average of Php44.20.

Volume of trade reached US$ 571.7 million, higher than the US$ 366 million last Wednesday.

Next week, the peso is seen to trade between Php44.20 and Php44.50. (PNA)

LGI/JS/RSM

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