MANILA — The Philippine peso rose against the US dollar Friday alongside other Asian currencies Friday due to among others the large investment flows and expectation of credit rating upgrade on the Philippines.

The local unit closed P0.06 stronger Friday after ending the day at 42.60 from the previous day’s 42.66 close.

It opened at 42.72, better than Thursday’s 42.74 start.

It rose to as much as 42.59 and down to 42.82 bringing the average for the day at 42.73, lower than day-ago’s 42.71.

Volume of trade also declined to US$ 1.01 billion from day-ago’s US$ 1.27 billion.

A trader said the local currency is still tracking the Euro but positive sentiments on the domestic economy buoyed the peso.

The trader expects a knee-jerk reaction from the peso once the anticipated credits rating upgrade happens in the coming months with the peso cutting further by around P0.50 against the dollar.

The peso’s positive performance will further be boosted by positive news on the US, the trader said.

The US government is scheduled to release its employment and payrolls data Friday night (Philippine time).

“If it’s good we expect the peso to strengthen further,” the trader said.

The trader expect the one-week peso performance to stay within 42.50-43 to a dollar. (PNA)

RMA/JS/utb