MANILA, Philippines - The peso hit a record-high during Tuesday's trading.

It climbed to P45.85 against the dollar during the session, its highest level in 16 months, before settling at P45.92.

Trading volume for the day amounted to US$927.8 million.

ATR-Kim Eng analyst Luz Lorenzo explained that the peso appreciation is due to a spike in demand for Asian currencies, as investors grow confident that the region will lead a global recovery this 2010. - from an ANC report