Peso-Dollar Exchange Rate Update

[pioneer]

Positive developments in the US enabled the Philippine peso to hit a one-month high at 48.31 Tuesday.

At the Philippine Dealing System, the unit opened at 48.38 but hit its highest during mid-trade as investors note improvement in US stocks.

Traders said investor’s risk aversion was lessened after US President-elect Barack Obama vowed to increase infrastructure spending to address the current economic turmoil in the world’s largest economy, which is also affecting economies worldwide.

The local currency’s lowest trade for the day stood at 48.56 before closing at 48.55.

Tuesday’s closing is better than Monday’s 48.60 finish bringing the day’s average at 48.42, stronger than day-ago’s 48.71.

Volume of trade also improved after reaching $ 696.22 million from the $ 639 million a day ago. - source: PNA