Peso falls as excitement over investment grade rating eases
MANILA, Philippines—The peso fell on the first trading day after the Lenten break as the euphoria over the Philippines’ attainment of an investment grade eased.
The local currency closed at its intraday low of 40.84 against the US dollar on Monday, down by 4 centavos from the finish of 40.80:$1 on March 27.
Intraday high hit 40.75:$1. Volume of trade reached $530.4 million from $1.14 billion previously.
Traders said the volume of trade eased and demand for the peso tempered as the foreign exchange market felt downbeat following the Lenten break.
Last Wednesday, the last trading day before the break, the market was lifted by the announcement that Fitch Ratings gave the Philippines its first investment grade from a major international ratings firm.
Traders said fund owners would look for fresh leads in the coming days to guide their investment decisions.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94