The peso seconded the rise in Wall Street resulting in a major strengthening to the 42-level yesterday.
It gained P 0.29 to end the week at 42.81 from the previous day's 43.10 finish. This was a rebound from the earlier part of the week when the local currency registered its weakest for over a year.
“The markets are much more confident now. The global hysteria, which drove the investors to dump assets in recent days, was not high today as in the past several days,” a trader said.
The local currency started the day at 43-flat, up from the 43.10 in the previous day.
Its opening level is the local unit's weakest for the day after it further improved to 42.80.
Average rate for the day stood at 42.84, way better than the previous day's 42.84.
Volume of trade rose to $1.07 billion from day-ago's $947.62 million.
The peso projected to trade between 42.70 and 43-flat Monday.
The trader said that although the peso has improved against the dollar investors continue to remain cautious ahead of the policy meeting of the Federal Reserve next week.*PNA