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.