Peso hits 8-month high over good news on Greece debt

MANILA, Philippines—The peso hit an eight-month high and led other emerging Asian currencies in appreciating on Thursday as favorable news about the debt situation of Greece lifted sentiment of investors on economies in Asia.

The local currency closed at 42.62 against the US dollar, the highest in eight months. This was up by 9 centavos from the previous day’s finish of 42.71:$1.

Intraday high reached 42.57:$1, while intraday low settled at 42.66:$1. Volume of trade amounted to $798.87 million, declining from $983.7 million the previous day.

Traders said the strengthening of the peso, together with other major currencies in the region, on Thursday came after release of reports saying that European leaders were bent on agreeing on details of a bailout package for debt-ridden Greece.

Market players said investors were encouraged by the developments, which elicited hopes that the worrisome debt situation in Greece and other countries in the Euro zone would not lead to a contagion.