Peso falls as Euro policymakers delay approval of Greece bailout package

MANILA, Philippines—The peso fell on Thursday as European policymakers delay the approval of a bailout package for debt-ridden Greece.

The local currency closed at 42.835 against the US dollar, down by 19.5 centavos from the previous day’s finish of 42.64:$1.

Intraday high hit 42.75:$1, while intraday low settled at 42.94:$1. Volume of trade remained at $1.3 billion.

The fall of the peso came as the decision of European policymakers to delay the approval of the second bailout package, worth close to $170 billion, for Greece to Feb. 20 as details of the package were still being debated over, as of Thursday.

Concerns over the lingering debt crisis in the Euro zone have been causing an unstable sentiment among foreign fund owners who, traders said, have seen emerging Asian economies driving the global economy this year but at the same time being dampened by the events in the Euro zone.