MANILA – The Philippine peso gained strength as it closed at 42.87 against the US dollar, or 20.5 centavos stronger than the 43.075  yesterday, on back of positive news from Greece.

The local currency opened at 43 to a dollar, weaker than day-ago’s 42.75 level and also its lowest level for the day. But it rose to as much as 42.85.

The local unit averaged at 42.919 Tuesday, better than the 42.946 a day ago.

Total volume of trade declined to $1.13 billion from day-ago’s $1.15 billion.

Traders attributed the local unit’s performance Tuesday to the positive news from Europe.

Greek Prime Minister Lucas Papademos recently reported advancement of talks with the economy’s creditors.

Reports quoting Papademos said he was “strongly committed” to reaching an agreement with bondholders by the end of this week.

Greece is in quandary on how to pay its debts, which have caused ripple effects in other countries in the region and caused crisis in the Eurozone.*PNA

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