Peso Weakens on PAL Jitters

Malaya
Saturday, September 19, 1998
STATE OF THE MARKETS

The peso slid to 44 to the dollar in late trade on Friday due to the uneasiness caused by the impending closure of Philippine Airlines next week, dealers said. The peso had opened at 43.72 to the dollar from the previous close of 43.785. "Banks are trying to test the upside (of the dollar). It's jitters over PAL. Nobody wants to be short (of dollars) over the weekend," a dealer said. (Reuters)