SUMMARY
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MANILA, Philippines – The Philippine peso closed at an almost 5-year high a day after the US, the world’s largest economy, resolved its “fiscal cliff” issue.
On Thursday, January 3, the local currency gained 9 centavos to P40.77 from its previous day’s P40.86 level.
Thursday’s exchange rate marked the strongest level the peso has reached since March 6, 2008, when it closed at P40.56 to a dollar.
Total dollars traded reached $983.7 million, higher than the $931.8 million traded the previous day.
A strong peso is a bane to dollar earners, including overseas Filipino workers, exporters of Philippine products, and Business Process Outsourcing (BPO) firms.
The Philippine peso was the best-performing Southeast Asian currency in 2012 after it settled on the last day of trading at P41.05 against the dollar, or 6.5% stronger. – Rappler.com
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