Peso slightly up as traders anticipate local currency to appreciate

MANILA, Philippines—The peso inched up on Wednesday as some investors believed that Asian economies would be performing well despite challenges in the external environment, traders said.

Traders also said some investors took advantage of the recent depreciation of the peso by buying the local currency and peso-denominated securities as they were anticipating appreciation in the weeks or months head.

The local currency closed at 43.23 against the US dollar on Wednesday, up by 5.5 centavos from the previous day’s finish of 43.285:$1.

Intraday high hit 43.17:$1, while intraday low settled at 43.24:$1. Volume of trade amounted to $579 million from $748.8 million previously.

Traders said the debt crisis in the Euro zone has been causing some investors to be jittery, although the general outlook of investors for Asian markets has remained positive so that projections of the year still point to a peso that is stronger than its value in 2010.