Peso rises anew as hopes for Euro debt solution firm up

MANILA, Philippines—The peso strengthened on Tuesday as investors manifested hope that European leaders would come up with a firm solution to the debt crisis in the euro zone.

The local currency closed at its intraday high of 43.13 against the US dollar, up by 13.5 centavos from previous day’s close of 43.265.

Intraday low settled at 43.21. Volume of trade amounted to $986.69 million from $923.28 million previously.

European leaders started a management-crisis summit over the weekend and they are expected to announce Wednesday their concrete plans to solve the crisis.

Traders said financial markets worldwide have been hoping the talks would bear fruit and that the eurozone would start the process of recovery.

This stance of the market was manifested by moves of fund owners to purchase securities from emerging markets like the Philippines, traders said.