Peso rebounds with other Asian currencies

MANILA, Philippines – The peso strengthened on Tuesday, mirroring movements of other Asian currencies, as concerns over the debt woes of Greece eased.

The local currency closed at 43.46 against the US dollar on Tuesday, up by 20 centavos from 43.66 on Friday (Monday was a non-working holiday).

Intraday high hit 43.45:$1, while intraday low settled at 43.61:$1. Volume of trade amounted to $685.25 million, down from $1.06 billion previously.

European Union officials had met in Luxembourg to discuss the debt problems of Greece and told the media that the EU would help in containing the situation. The EU said it wanted to help make sure the impact of the debt crisis would not spill over to other economies.

The EU statement came with the offer that it might extend another bailout package for Greece, but on conditions that the latter would implement fiscal reforms.

Traders said the statement from the EU somewhat appeased concerns of investors over the debt crisis in Greece. Consequently, traders said, foreign investors increased appetite for assets from emerging economies, including those from the Philippines and other Asian markets.