Peso ends 2018 on strong note

The Philippine peso closed 2018 on a strong note against the greenback on Friday, boosted by the influx of remittances from overseas Filipinos for the holiday season.

The local currency gained 8.5 centavos to close at P52.580:$1 from 52.665 on Thursday.

“The peso appreciated today on ... influx of year-end dollar transaction ... for the holidays, ” Land Bank of the Philippines market economist Guian Angelo Dumalagan said.

Week-on-week, the peso gained 28 centavos from P52.860:$1 on December 21. The local unit was weaker by P2.77 from 49.810 on Jan. 3, the first trading day of 2018. —VDS, GMA News