Philippine peso weakest, hits P52.12:$1

  • Page Views 1983
  • The Philippine peso fell to P52 against the dollar on Wednesday, weighed down by a widening trade deficit and concerns over US inflation that led to the currency’s weakest close in over 11 years.

    The local currency opened at P52.03:$1, traded at P51.90 to P52.12, and finally ended the day at P52.12 per dollar, 14 centavos weaker than Tuesday’s P51.98:$1 close.

    The last time the local unit breached P52:$1 territory was 11 years ago or on July 21, 2006 when the peso closed at P52.16 to a dollar.

    News that the country’s trade deficit had ballooned to $4.02 billion in December, leading to a full-year gap of $29.8 billion, was said to be a primary factor behind the peso’ decline to P51.79:$1 last Friday.

    Worries that the trade deficit would further widen in 2018 were cited as prompting Monday’s fall, which analysts also attributed to corporate demand for the greenback.

    With the US set to release latest inflation data, analysts said markets were waiting for clues as to how fast the Federal Reserve would proceed with its policy tightening.

    “The exchange rate breached the P52:$1 mark still because of US rate hike expectations,” Land Bank of the Philippines market economist Guian Angelo Dumalagan said.

    M. Caraballo, TMT

    Share

    New Posts Recently publish post More

    • 03 June 2021
      2 weeks ago No comment

      What’s next for Pacquiao after August 21 fight in Vegas

      Manny Pacquiao will challenge WBC and IBF welterweight champion Errol Spence Jr. in Las Vegas on August 21. What comes next for the 42-year-old fighter and current senator of the Philippines is a matter of great interest. Pacquiao’s longtime trainer and confidant Freddie Roach said in the summer of ...

    • 27 May 2021
      3 weeks ago No comment

      B.C. begins four-step Restart from COVID-19 pandemic

      In March and April 2021, B.C. was hit by a third wave of COVID-19 infections. But something was also about to change as Britisih Columbians registered for vaccination in record numbers between April and May. By May 24, around 60 percent of people aged 18 and over have received ...

    • 20 May 2021
      4 weeks ago No comment

      19 million vaccine doses administered in Canada

      COVID-19 vaccination in Canada started in the week of December 13, 2020. As of May 19, 2021, when Philippine Showbiz Today went to the presses, the federal government counts 19,349,980 doses administered so far. The country has a population of around 38 million, based on current estimates available online. ...

    • 20 May 2021
      4 weeks ago No comment

      Your daily dose of everything NCAA is here: ‘Rise Up Stronger: The Road to NCAA Season 96’ airs beginning May 23

      Get to know the athletes, the coaches, the teams, and what to expect this season as GMA Network via GMA Synergy unveils ‘Rise Up Stronger: The Road to NCAA Season 96,’ airing everyday beginning this Sunday, May 23, on GTV. ‘Rise Up Stronger: The Road to NCAA Season 96’ will keep sports fans entertained ...

    • 20 May 2021
      4 weeks ago No comment

      ‘DITO AT DOON’ PREMIERES GLOBALLY VIA TBA PLAY

      Film aficionados outside the Philippines will no longer be left behind as they get the chance to see “Dito at Doon” (“Here and There”) via the international premium video-on-demand service. Filipinos and cinephiles abroad can sit back and enjoy the must-watch movie of the year “Dito at Doon” (“Here and ...

    %d bloggers like this: