Philippine peso weakest, hits P52.12:$1

  • Page Views 625
  • 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

    • 21 September 2018
      8 hours ago No comment

      City of Vancouver names plaza after late Filipino community pillar Mel Tobias

      The city council of Vancouver has approved the naming of a plaza after Mel Tobias, a respected pillar in the Filipino community who passed away last year. The Mel Tobias Plaza is one of 15 civic places that council named after prominent Vancouver residents in a meeting on September ...

    • 20 September 2018
      1 day ago No comment

      Peso at it’s lowest

      Share prices and the local currency ended lower as the government announced the trade deficit widened in July as imports posted their fastest gain in more than two years while exports barely grew. The Philippine Stock Exchange PSEI Index declined as much as 1.3 percent, taking the total loss ...

    • 16 September 2018
      5 days ago No comment

      MOSAIC’s statement on Shen murder case

      Vancouver, BC – In response to calls from media seeking comment about the Shen murder suspect’s immigration status, Olga Stachova, Chief Executive Officer has released the following statement on behalf of MOSAIC (Multilingual Orientation Services Association for Immigrant Communities). As with all Canadians, the thoughts of MOSAIC staff are ...

    • 16 September 2018
      5 days ago No comment

      No kid gloves

      It’s alarming. The number of young people dying in Canada has risen in the last few years, and not because of illness, but pure and simple neglect by the government. Canada’s reputation in the world as a healthy place to raise children is belied by statistics showing high rates ...

    • 16 September 2018
      5 days ago No comment

      New Surrey LRT

      Better transportation for everyone in Surrey is one step closer to reality. Last week, the Surrey-Newton-Guildford Light Rail Transit (SNG LRT) Project reached a critical milestone with the formal approval of the Business Case by the governments of Canada and B.C. The Project is now fully approved and fully ...

    %d bloggers like this: