The Philippine peso weakened against the US dollar on Wednesday, dragged by the release of weak economic data on the country’s payments position.
of P59:$1 hit earlier this month. This compares with Tuesday’s finish of P58.75:$1.
“The US dollar/peso exchange rate higher today… after the latest BOP deficit data at the widest in four years amid record net imports/trade deficit recently, some foreign payments by national government, and some foreign exchange operations by the BSP,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said in a mobile message.
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