Peso rises on banks bailout in US, Europe
Reuters | 10/14/2008 11:44 AM
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Philippine peso gained 0.6% to 46.96 to the US dollar -- its highest since Oct.2 -- as investors snap up local stocks following moves by governments in the United States and Europe to bail out banks.
"The joint effort of central banks prompts risk appetite, leading most emerging-market currencies to appreciate against the dollar," says a Manila-based trader.
The U.S. government agreed on Monday to take $25 billion stakes in several big banks. That follows pledges by European countries of more than 1 trillion euros to bolster their own banks.
