The local currency gained P0.07 to 44.91:$1 from 44.98 Friday.
Two events – European Central Bank chief Mario Draghi's statement last week and the decision of People's Bank of China on lending rates – helped Asian currencies to gain on Monday, Security Bank first vice president for treasury Andre Ibarra told GMA News Online.
These events imply Asian currencies, including the peso, are stronger than the dollar, he noted.
ECB head Draghi last week surprised financial markets by declaring his commitment to fighting deflation, Reuters reported.
On the other hand, People's Bank of China announced last week that it was cutting one-year benchmark lending rates for the first time in more than two years, according to a separate from Reuters. – VS, GMA News
source: gmanetwork.com
