Philippine News Agency
PH peso ends week up vs. USD, stocks index slips
The Philippine peso ended the week slightly stronger against the US dollar, closing at 48.305 on Friday, its strongest performance since October 24, 2016.
Assurances from President Rodrigo Duterte that the proposed P4.5-trillion national budget for next year would be passed on time contributed to the peso's stability.
Softer import data, indicating less demand for US dollars, and a narrower trade deficit also supported the peso's appreciating trend.
Factors contributing to market sentiment included less demand for the dollar as a safe-haven asset.
Improvements in US President Donald Trump's health after testing positive for COVID-19 and continued advances by Joe Biden in US polls also played a role.
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