Peso inches up by half centavo

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MANILA, Philippines—The peso inched up slightly on the first trading day of the week as optimism on the Philippine economy countered concerns over uncertainties in the global front.

The local currency closed at 40.94 against the US dollar on Monday, up by half a centavo from Friday’s finish of 40.945:$1.

Intraday high hit 40.91:$1, while intraday low settled at 40.95:$1.

Volume of trade amounted to $597.7 million from $861.2 million previously.

The National Statistics Office is set to release on Tuesday data on the country’s export revenues for October. Traders were optimistic that export earnings for the month would turn out to be more favorable than in the earlier months of the year even with the debt and banking crisis in the eurozone, one of the key export markets.

Exports are largely volatile, but are expected to post positive growth in October amid efforts to gradually increase markets outside the United States and the eurozone.

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