MANILA, Philippines—The peso rose significantly on the first trading day of the week as favorable manufacturing data in China lifted outlook on export revenues of countries in the region.
The local currency closed at 42.69 against the US dollar on Monday, up by 23 centavos from Friday’s finish of 42.92:$1.
Intraday high hit 42.685:$1, while intraday low settled at 42.85:$1. Volume of trade amounted to $736.88 million from $781.53 million previously.
The appreciation of the peso, which came together with the rise in other key Asian currencies, came after a report showed that the manager purchasing index (PMI), which indicates orders placed with manufacturers, increased to 53.1 points in March, a one-year high, from 51 points in February.
Traders said the increase in the index indicated a potential increase in export revenues for China’s neighbors, like the Philippines. An increasing demand in China may signal a rise in demand for imported goods, traders said.
China is one of the biggest export markets of the Philippines and other emerging Asian countries.