Peso falls over reports of weak exports

MANILA, Philippines—The peso, together with other emerging market currencies, fell against the US dollar on Thursday amid lingering concerns that exports may continue to be weak.

The local currency closed at 43.66 against the US dollar, down by 20 centavos from 43.46:$1 on Wednesday.

Intraday high hit 43.56:$1, while intraday low settled at 43.69:$1. Volume of trade amounted to $1.107 billion, up from $870.22 million previously.

Traders said investors expressed concern over unfavorable economic and fiscal performance of the US and eurozone economies, and believed this could continue hurting export performance of many emerging markets like the Philippines, through 2012.

The US economy, one of the biggest export markets, on Wednesday reported a 2-percent growth in its gross domestic product in the third quarter, slower than most expectations.

On the eurozone, another key export market, traders said some investors were not yet fully convinced about the ability of eurozone policymakers to implement the recently announced set of reform packages, which include austerity measures, aimed at addressing the region’s debt crisis.

They said actual implementation of the measures was needed to ease doubts on the ability of authorities to end the crisis.