MANILA, Philippines -- The peso appreciated back to the 44-to-a-dollar level on Thursday to lead other Asian currencies in their rising trend.

The local currency closed at 44.99 against the US dollar, up 11 centavos from the previous day's finish of 45.1.

Intraday high stood at 44.86:$1, while low was recorded at 45.05. Volume of trade inched up to $951.88 million from $895 million previously.

Traders said the increase in the peso, consistent with the strengthening of other currencies in the region, was due to the rising appetite of investors in search for relatively high yields and less risks.

While industrialized countries are now perceived somewhat riskier because of the slow pace of their recovery from last year's recession, interest rates in those countries are also lower than those in emerging economies especially from the East.

Market analysts said the current trend has veered away from the usual notion in the past that the United States and other industrialized countries in the West were less risky, and so investing in instruments issued from those countries, even if they offered lower yields, were worthwhile.

According to the analysts, investors now perceive emerging economies in Asia as preferred investment sites because of the higher yields offered in the region and projections that Asia will drive this year's global growth.