The Philippine peso on Friday, 9 December, slightly strengthened against the US dollar after it closed the week at P55.37 from the previous session's P55.45.

The local currency opened the day at P55.27 and traded between P55.39 and P55.17 against the greenback.

Average level for the day stood at P55.27.

Volume reached $944 million, lower than the previous session's $1.16 billion.

According to Bangko Sentral ng Pilipinas, the Philippine peso – US dollar exchange rate averaged P56.36/$1 in the third quarter of 2022.

On a quarter-on-quarter basis, the peso depreciated by 6.6 percent from an average of P52.64/$1 in the second quarter of 2022.

Similarly, the peso depreciated by 11.1 percent from an average of P50.11/$1 recorded in the third quarter of 2021.