Business and Economy
Peso outperforms most Asian currencies despite stronger dollar
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MANILA — The Philippine peso outperforms most of Asian currencies despite the continued strength of the U.S. dollar this week.
The local currency finished Wednesday at 44.
97 against a dollar, slipping by 0.05 centavos, from Tuesday’s level of 44.91
A local bank’s trader explained that the very marginal depreciation of the local unit made it to outperform Asian currencies across the board, except for Indian rupee and Chinese yuan.
However, the trader said that the peso might reach the 45-level this week as there would be more U.S. economic data expected to come out until Friday.
Meanwhile, the local currency opened Wednesday at 44.
90 from last day’s 44.95 level.
It traded between 44.82 and 44.98, bringing this day’s average level at 44.
89.
Volume of trade slowed down to USD517 million from USD557.2 million in the previous trading.
Philippine peso and US dollar are expected to trade between 44.
85 up to 45.00 on Thursday.
