Friday, February 8, 2013

Exchange Rate Peso vs US Dollar

Correction made the peso appreciate against the dollar Tuesday.

The local currency gained P0.17 to close at 40.73 from Monday's 40.91 finish.

A trader said there "was a short covering" for the dollar, which is in line with the rebound of most Asian currencies against the US currency.

"There was also a downward pressure today because of high corporate demand," the trader said.

The trader said "it was a choppy trading day" referring to the wide trading range of 40.91 and 40.71. This after the peso opened at 40.85 Monday.

Volume of trade amounted to US$ 1.16 billion, slightly lower than the US$ 1.20 billion in the previous day.

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