Peso firms up on US political issues

The Philippine peso firmed up against the dollar on Friday as political issues in the US weighed on the greenback.

The local currency gained 15 centavos to close at P49.760:$1 from 49.910 on Thursday.

"This is due to ongoing political squabble in the US, recent events such as the dismissal of the GBI (Federal Bureau of Investigation) chief triggered favorable trend in other currencies like the peso," Astro del Castillo, managing director at First Grade Finance Inc., told GMA News Online.

According to a report by Reuters, concerns related to the fallout from US President Donald Trump's unexpected dismissal of FBI chief James Comey  weigh on the dollar.

Week-on-week, the local unit gained 15 centavos from P49.910:$1 on May 5. Year-to-date, it lost 4 centavos from 49.720 on December 29, the last trading day of 2016. — VDS, GMA News