By Michelle Remo
Philippine Daily Inquirer
MANILA, Philippines —The peso fell by 9 centavos on Tuesday as some investors engaged in profit-taking, as others expected the central bank to intervene in the foreign exchange market to temper the sharp rise seen on Monday.
The local currency closed at 43.76 against the US dollar on Tuesday compared with the 43.67 registered on Monday.
Intraday high reached 43.68:$1, while intraday low settled at 43.88:$1. Volume of trade dropped to $1.24 billion from $1.33 billion previously.
Traders said the fall of the peso on Tuesday was partly on account of profit-taking by currency holders, who sold the peso's they held after gaining from the local currency's rise the previous days.
Market players also said the Bangko Sentral ng Pilipinas was also expected to temper the rise of the peso, and such an outlook encouraged some to dispose of their peso holdings.
Nonetheless, they said, the peso was still expected to remain strong throughout the year relative to its value in 2009, when it averaged in the 45-to-a-dollar territory and was hovering in the 47:$1 towards the end of 2009.
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