Peso closes at 41.70 against US dollar

AFP FILE PHOTO

MANILA, Philippines—The peso inched up on the last trading day of the week as reports that Spain laid out plans to address its fiscal woes supported hopes that the crisis situation in the euro zone will not deteriorate.

The local currency closed at its intraday high 41.70 against the US dollar, up by 17 centavos from the previous day’s finish of 41.87:$1.

Intraday low settled at 41.78:$1. Volume of trade amounted to $916.5 million from $925.1 million previously.

Traders said sentiment improved on Friday from that in the previous day following the release of news reports saying that the Spanish government unveiled plans to trim its budget deficit and to meet the fiscal reforms being required by the European Union in granting a bailout fund for Spain.

Such reports somewhat eased concerns over a potential worsening of the crisis in the euro zone, thereby lifting appetite for emerging-market securities, traders also said.

The rise of the peso came with the increase in the Philippines Stock Exchange Index by 44.61 points to 5,346.1.