Philippine peso gains seven centavos

The peso started the week stronger, buoyed by positive sentiment in anticipation over the inauguration of Barack Obama as the 44th US President.

It closed at P47.13 per dollar Monday, seven centavos higher than its finish of P47.20 per dollar last Friday.

“The peso strengthened mainly because of the improvement in the US market, which was in preparation of the inauguration of US President Barack Obama. The regional currencies improved as well,” a trader said.

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