Peso hits high, Asian currencies dip with yen
Quezon City (2 October) -- Asian currencies fell with the yen on Monday, but the Philippine peso bucked the regional trend to hit its highest in more than four years, pushed up by inflows as local markets reopened following their closure on Thursday and Friday due to a typhoon.
The peso rose as far as 49.95 per dollar, breaking the key 50-level. It traded at 50.20 per dollar on Wednesday -- before typhoon Milenyo led to massive power outages in Manila and the closure of local markets for two days.
Strong inflows of remittances, upbeat news on the economy and easing worries about political uncertainty have boosted demand for the peso.
"The market had accumulated flows over the holiday," said a trader in Manila. "The 49.80 area is the next key level and the outlook for the peso is still positive." (PIA) [top]