The Philippine peso has crossed the 56:1 threshold, dropping 28 centavos to close at 56.02:1 against the US dollar on August 7.
This happened just three trading days after it reached 55.19:1 on August 2.
Since the start of the month, the local currency has depreciated by P1.25 against the greenback, starting at 54.77:1.
On August 7, the peso traded as strong as 55.60:1 and as weak as 56.06:1.
Monday’s closing rate was the weakest for the peso in nearly two months, since June 9, when it was valued at 56.05:1 against the US dollar.
Michael Ricafort, the chief economist at Rizal Commercial Banking Corp., stated that the peso has been continuously depreciating for four trading days. Meanwhile, the US dollar has been performing strongly against major global currencies over the past month.
“The peso also weakened after recent signals from the Bangko Sentral ng Pilipinas about being cautious in raising local policy rates too much to avoid hindering economic growth, as well as some net foreign selling in the local stock market recently,” Ricafort explained.
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer and over 70 other titles, share up to 5 gadgets, listen to the news, download as early as 4am, and share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
