By Joann Santiago
MANILA, (PNA) — Upgrade by Moody’s Investors’ Service of the Philippines’ credit rating to investment grade Thursday helped the peso appreciate against the dollar.
The local unit gained P0.32 against the US currency after finishing the day at 43.08 from Tuesday’s 43.40.
It started the day at 43.22, also better than the 43.35 in the previous day.
It traded between 43.29 and 43.06 bringing the average in 43.19.
Volume of trade reached US$ 973.8 million.
A trader told PNA that the peso’s performance is in line with its regional counterparts, due partly to the negative US non-farm jobs data for September released by payroll processing firm ADP.
ADP reported that private firms’ employment rose by 166,000 last September, below market’s expectations of 180,000.
The trader said the US dollar also weakened due partly to the US government’s partial shutdown, which in turn will drag growth in the world’s largest economy.
“This was taken positively in terms of the continued implementation of the stimulus program and its impact on inflows to Asia,” the trader added.
For Friday, the peso is expected to trade between 43.00 and 43.30.