Peso at 6-week high, NDFs fall


Posted at Aug 02 2010 12:40 PM | Updated as of Aug 02 2010 08:59 PM

MANILA, Philippines - The peso rose almost half a percent against the battered dollar to a 6-week high as Asian currencies rode on sustained positive sentiment for emerging market assets.

"The peso's strength reflects a weak dollar and good prospects on the local economic front," a Manila-based trader said.

Philippine Finance Secretary Cesar Purisima said on Monday the government "will be opportunistic" on its planned global peso bond issue, and hoped to issue the bonds this year.

Dollar/peso NDFs fell across the curve, with the most liquid one-month NDFs falling to a near 6-week low of 45.44 from 45.55 late on Friday.

Spot peso was bid at 45.33 per dollar at 0408 GMT against 45.54 late on Friday. The peso has appreciated 1.3% against the dollar in the past week and gained 1.92% this year.