MANILA – The Philippine peso closed slightly lower yesterday after the dollar strengthened against the euro on account of the news about the jump in Spain's borrowing cost.

The local unit shed P0.115 after ending Monday at 42.775 from last Friday's 42.66 closing.

Its performance during the day got a hint early on after it opened at 42.75, weaker than its 42.62 start last Friday.

Strongest level for the day stood at 42.70 while weakest is at 42.81.

Thus, average peso-dollar exchange rate for the day stood at 42.75, down from the 42.67 it registered at the end of last week's trading.

Volume of trade amounted to $672.94 million, lower than the $1.11 billion last Friday.

Traders said investors stayed on the sidelines given the continued negative developments in the Euro zone.

Another factor that dampened the peso is the report on the lower growth of the Chinese economy in the first quarter this year, which slowed to 8.1 percent from the previous quarter's 8.9 percent.*PNA

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