Peso rises on news of new meeting to resolve eurozone debt
MANILA, Philippines—The peso inched up on Tuesday amid hopes the debt crisis in the eurozone would be managed more effectively by concerned policymakers.
The local currency closed at 43.64 against the US dollar, up by 13.5 centavos from the previous day’s finish of 43.775:$1.
Intraday high hit 43.53:$1, while intraday low settled at 43.77:$1. Volume of trade amounted to $1.127 billion from $1.21 billion previously.
The appreciation of the peso, which moved together with some other major Asian currencies, came following reports of another scheduled meeting on Tuesday by European policymakers on how to address the debt woes of the region.
Traders said ongoing talks among European officials on the crisis improved sentiment for the global economy and lifted appetite of some portfolio fund owners for emerging market securities, such as those from the Philippines.
