Peso dips but stays in 41-to-dollar level
By Michelle V. RemoPhilippine Daily Inquirer
MANILA, Philippines—The peso fell against the US dollar on Wednesday, ending the days of sustained rise, as the market calmed down following euphoria over favorable developments related to the debt crisis in the eurozone.
The local currency closed at 41.83 against the US dollar. This was down by 11 centavos from the previous day’s finish of 41.72:$1, which was the highest in four years.
Intraday high hit 41.60:$1, while intraday low settled at 41.86:$1. Volume of trade amounted to $1.19 billion from $1.2 billion previously.
Although the peso fell, traders said this remained relatively strong given its hovering in the 41-to-a-dollar territory.
The appreciation of the peso in the previous days was partly traced to improved risk appetite of fund owners following reports that European leaders agreed on measures to help address the debt woes of European banks.
Traders said the agreements eased concerns over a potential drag of the eurozone debt crisis on the global economy. These also increased appetite of investors for emerging-market assets, such as peso-denominated stocks and bonds.
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Tags: business and finance , currencies , economy , Euro zone debt , European Union , Foreign Exchange , Philippine peso , US dollar
