The Philippine Peso (PHP) led other Asian currencies in terms of appreciation against the U.S. Dollar in the second half of 2012, rising 4.51% versus the greenback.
The local currency closed at P41.91 against the dollar on increased foreign appetite for the Peso and easing economic concerns. One of the country’s recent economic gains is the upgrade by Standard & Poor’s (S&P) of the Philippines’ long-term foreign currency rating from BB to BB+, just one notch below investment grade.
(See related article: Credit Ratings by S&P, Moody’s, and Fitch Ratings)
Other regional currencies have mixed performance against the U.S. Dollar.
The New Zealand Dollar (NZD), Brunei Dollar (BND), and Singapore Dollar (SGD) all rose more than 2% against the U.S. greenback.
Meanwhile, the Indian Rupee (INR), Japanese Yen (JPY), Indonesian Rupiah (IDR), and Chinese Yuan Renminbi (CNY) depreciated in value during the first two quarters of 2012.
Below is a table summarizing the year-to-date performance of Asian currencies versus the U.S. Dollar.