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Peso rises on news of rising global demand, SoKor growth

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MANILA, Philippines — The peso inched up on Thursday amid indicators global demand could be picking up, such as favorable growth of South Korea in the first quarter and manageable uptick in oil prices.

AFP FILE PHOTO

The local currency closed at 41.26 against the US dollar, up by 2.5 centavos from the previous day’s finish of 41.285:$1.
Intraday high hit 41.255:$1, while intraday low settled at 41.33:$1.

Volume of trade amounted to $686.7 million from $958.93 million previously.

The appreciation of the peso came following the release of a report showing that in the first quarter, South Korea’s economy grew by 1.5 percent from a year ago and by 0.9 from a quarter ago, exceeding some projections.

The rise of the peso likewise came amid reports of rising prices of oil in the global market.

Traders said the favorable performance of South Korea and increasing prices of oil in the world market could indicate that global demand has been picking u

p. If such is indeed the case, exporting countries are expected to benefit in the form of higher export revenues in the months ahead, according to traders.


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Tags: Business , business and finance , currencies , economy , Foreign Exchange , global economy , oil and gas , Philippine peso , South Korea’s economy , US dollar

  • parefrank

    These Peso rising and falling is a super stupid story. How the philippine currency will rise or fall just on “indicators” of a possible rise of global demand. On what that would affect RP positive? Rotten banana? And why an improvement in South Korea and a “manageable” oil price increase, which at any day can change out of RP control, should lift up the Peso value? All has nothing to do with RP or the Peso. Usually a currency rises and falls rather on economic changes in its own country.

    But near to every months end ,with arriving remittances, always the Peso is pushed up for to get the remittances cheap. The more now when additional more remittances are to expect for school expenses and enrollment. It is already a common matter that the Peso goes up end of a month and down mid of the month, for any imaginable reason ever. Looks like a standard BSP rule. There is always the bragging that BSP will protect the Peso from being too much volatile. But if this is true, the just look at Malaysia. It has a near stable dollar relation since over 20 years and a much more reliable price stability and still its currency is much higher than the Peso. Compared to the local purchase power against when the dollar rate was 50 Pesos, the rate now should be at 60 not 41. It would boost exports, tourism and the local demand of the millions OFW families. Of course, the profits of banks and big business would be less gigantic in Dollars.

    Besides, Europe and China just report about lower production and exports due to the FALLING GLOBAL DEMAND.

    • magiting78

      Hmmm may punto ka…

    • Crazy_horse101010

      last week it went down because of the bird flu in china.



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