MANILA – The Philippine peso strengthened against the US dollar yesterday after the greenback was hurt by, among others, the developments in America's economy.

The local unit gained P0.11 against the dollar after ending the day at P42.66 from day-ago's P42.77 finish.

It started the day better at P42.65 from the previous day's P42.75 level.

It rose to as much as P42.63 but dipped to P42.78.

This resulted to an average of P42.70, an improvement over the P42.75 level Monday.

Volume of trade reached US$ 984.35, higher than the US$ 672.94 million in the previous day.

Some US monetary officials recently raised the need to put in a wait-and-see approach on the world's largest economy citing the weak jobs data in the third month this year, which is feared to be a repeat of what happened last year when unemployment fell amidst earlier signs of improvement.

Traders said another factor to the weakening of the dollar is China's recent report on the widening of daily trading band of the yuan.*PNA

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