MANILA, Philippines—The peso appreciated together with other Asian currencies on Wednesday as continued efforts to resolve the fiscal problem of Greece further appeased market concerns over the debt situation in the Euro zone.
The local currency closed at 43.135 against the US dollar, up by 11.5 centavos from Tuesday’s finish of 43.25:$1.
Intraday high reached 43.115:$1, while intraday low settled at 43.26:$1. Volume of trade rose to $995.94 million from $800.43 million previously.
Traders said progress of discussions to resolve the debt situation of Greece prompted investors to buy some emerging market assets, including those from the Philippines, thereby lifting Asian currencies.
The European Union has expressed intention to help Greece meet its obligations, thus appeasing creditors and the international financial community.
Traders also said some investors bet on continued rise in interest rates in Asia, and so they buy assets denominated in Asian currencies to take advantage of the projected rise in yields.