MANILA, Philippines — The peso moved sideways on the first trading day of the week as investors assessed the developments in the debt-ridden Euro zone.
The local currency closed at 43.61 against the US dollar on Monday, up by three centavos from Friday’s close of 43.64:$1.
Intraday high hit 43.52:$1, while intraday low settled at 43.63:$1. Volume of trade amounted $909.16 million from $1.366 billion previously.
European policymakers met last week to outline a set of additional measures, such as more bailout funds and austerity initiatives, to address the debt crisis in the Euro zone and prevent a worse situation in 2012.
Traders said the meeting of European officials last week was a positive development as far as investors were concerned as it indicated commitment to address the problem. Nonetheless, traders said, investors have remained tentative about whether the debt crisis could actually be solved with the implementation of the measures.