The Philippine peso fell half a percent against the dollar on Tuesday as Asian high-yielding currencies and stocks succumbed to a broad bout of risk aversion triggered by scepticism over the $700 billion U.S. bailout plan.

The peso hit 46.53 per dollar, falling from the day’s high of 46.18.

Technical analysts say the peso could potentially decline towards last week’s lows around 47.29 per dollar.

“A near-term (dollar) top seems to be in place at the 47.29 levels,” said Jonathan Ravelas, a strategist at Banco De Oro Universal Bank in Manila.

“A close below the 46.00 levels is needed to confirm the said top. Failure to close below the said levels could suggest a retest of 47.29 levels.”

CURRENCIES VS U.S. DOLLAR

Change on the day at 0159 GMT

Currency Latest bid Previous day Pct Move

Japan yen 105.30 105.39 +0.09

Sing dlr 1.4052 1.4073 +0.15

Taiwan dlr 31.982 32.030 +0.15

Korean won 1147.80 1127.30 -1.79

Baht 33.72 33.88 +0.47

Peso 46.49 46.29 -0.44

Rupiah 9315.00 9285.00 -0.32

Rupee 45.46 45.46 +0.00

Ringgit 3.3920 3.4165 +0.72

Yuan 6.8190 6.8300 +0.16

Change so far in 2008

Currency Latest bid End prev year Pct Move

Japan yen 105.30 111.33 +5.73

Sing dlr 1.4052 1.4382 +2.35

Taiwan dlr 31.982 32.443 +1.44

Korean won 1147.80 935.70 -18.48

Baht 33.72 33.68 -0.12

Peso 46.49 41.28 -11.21

Rupiah 9315.00 9390.00 +0.81

Rupee 45.46 39.41 -13.30

Ringgit 3.3920 3.3050 -2.56

Yuan 6.8190 7.3041 +7.11

Source: http://www.afxnews.com

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