Peso recovers vs dollar

MANILA, March 11 (PNA) — The peso appreciated against the U.S. dollar Tuesday boosted by regional equity rally and investors’ risk on sentiment during the day.

It capped the day at 44.47 from the previous day’s 44.55, a reversal from the depreciation Monday driven by the positive labor data in the U.S. last February.

The Philippine Stock Exchange index (PSEi) posted 0.65 percent or 42.35 points gains to 6,529.58 points Tuesday boosted by corporate earnings.

The peso started the day sideways at 44.55 from 44.50 Monday.

Its opening level is the local unit’s weakest for the day after it strengthened to 44.46 mid-trade.

This brought the day’s average for the day at 44.48, slightly better than the 44.51 in the previous day.

Volume of trade reached US$ 604.2 million, a tad lower than the US$ 703.4 million Monday.

For Wednesday, the peso is expected to trade between 44.40 and 44.60. (PNA)