Emerging markets currencies remain strong versus US dollar

Emerging market currencies continued their success in relation to the US dollar on Tuesday as the Philippine peso hit its highest level in almost seven years against the greenback. The gain came after remarks from Philippine president Gloria Arroyo, who said the strength of the currency was keeping inflation low there and that she expected it to continue to strengthen.

The peso added 1 percent to 45.835 pesos to the dollar, bringing its gain against the US currency this eyar to 6.9 percent. The Brazilian real, the Turkish lira, and the Indonesian rupiah are all also near multi-year highs against the US currency.

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