Peso rises on reports of positive earnings of multinational firms

MANILA, Philippines—The peso rose on Wednesday on the back of readings that positive earnings reports of multinational companies, led by Apple, point to improved revenues for exporters from emerging markets like the Philippines.

The local currency closed at 43.13 against the US dollar, up by 2 centavos from 43.15:$1 on Tuesday.

Intraday high hit 43.03:$1, while intraday low settled at 43.14:$1. Volume of trade amounted to $985.98 million from $1.055 billion previously.

Apple Inc. has reported improved quarterly earnings, thereby lifting investor sentiment and outlook on export earnings of emerging economies. This was the reason the peso and other major Asian currencies appreciated, traders said.