Peso rises on news of improving US economy
MANILA, Philippines—The peso inched up on Tuesday amid better economic prospects for the US economy.
The local currency closed at 43.87 against the US dollar on the second trading day of the week, up by 12 centavos from 43.99:$1 previously.
Intraday high hit 43.85:$1, while intraday low settled at 44.05:$1. Volume of trade amounted to $854.522 million from $897.6 million the previous day.
Traders said investors were still reacting positively to news about declining jobless claims in the United States and projections that growth in the world’s biggest economy may be faster in 2012.
The reports gave hope that consumption in the United States will rise, thus benefiting exporting countries like the Philippines.
The United States is one of the biggest export markets for the Philippines and other emerging economies.
