By Michelle Remo
The peso rose further against the US dollar on Wednesday on the back of sustained positive investor sentiment that is benefiting Asian currencies.
The local currency ended Wednesday's trading at 45.65 against the greenback, 11 centavos stronger than the 45.76 finish registered Tuesday. Intraday high was recorded at 45.61, while intraday low stood at 45.78.
Volume of trade was up, amounting to $1 billion against the $735.24 million on Tuesday.
Traders said encouraging macroeconomic fundamentals were supporting optimism of investors on emerging markets in Asia, including the Philippines. In the country, outlook of an accelerated rise in the country's gross domestic product this year was further reinforced by latest report by the National Statistics Office on the country's exports.
The NSO reported Wednesday that merchandise exports reached $3.58 billion in January, growing by a hefty 42.5 percent from only $2.51 billion in the same month of last year. This was the fastest pace of growth in nearly 15 years.
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