Peso rises as investors await US elections results

MANILA, Philippines—The peso inched up slightly on Tuesday as market participants awaited what would happen in the US presidential election.

The local currency closed at 41.21 against the US dollar, up by 3 centavos from the previous day’s finish of 41.24:$1.

Intraday high hit 41.185:$1, while intraday low settled at $41.285:$1.

Volume of trade amounted to $750.7 million from $672.7 million previously.

Traders said there was appetite for peso-denominated securities given the overall positive sentiment on the Philippine economy, although the market manifested a wait-and-see mode as they waited for the results of the election in the world’s biggest economy.

The peso had appreciated by about 6 percent in the first 10 months of the year, partly due to inflows of foreign portfolio investments amid a favorable performance of the domestic economy.

Traders said the peso would likely remain relatively strong, perhaps staying in the 41-to-a-dollar territory throughout the rest of the year, on the back of projections the economy would meet the government’s growth target of 5 to 6 percent.