MANILA -- The Philippine peso opened little changed against the US currency Tuesday at 49.79 from 49.75 Monday.
As of 9:51 a.m., the peso is trading between 49.76 and 49.80 to a dollar and averaged at 49.77.
A trader expects narrow movement for the local currency Tuesday as investors took on a more cautious stance amid external developments such as the next round of elections in France.
After the first round of polls over the weekend, independent centrist Emmanuel Marcon registered lead against Front National’s Marine Le Pen at 24 percent against 21.3 percent.
The next round of elections is set on May 7, 2017.
Reports said Le Pen has temporarily stepped down as head the National Front Party.
The Philippine Stock Exchange index (PSEi) has risen above 7,600.00 anew in early session Tuesday.
As of 10 am, the main stocks index is up by about 0.80 percent, or around 60.64 points, to 7,649.52 points. (PNA)
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