The Philippine peso continued to depreciate against the US dollar on Tuesday to hit the P57:$1 level and mark its worst showing in nearly 17 months, as the greenback was weighed down by geopolitical tensions.
The Philippine peso continued to depreciate against its US counterpart on Tuesday to hit the P57:$1 level and mark its worst showing in nearly 17 months, as the greenback was weighed down by geopolitical tensions.The local currency shed 19.2 centavos to close at P57:$1 from Monday’s finish of P56.808:$1. This is its worst performance since it closed at P57.375:$1 on November 22, 2022.
Ricafort also cited the better-than-expected retail sales data in the United States, which could lower the chances of the Federal Reserve to cut its rates, along with the latest hawkish signals from its officials.The peso’s depreciation comes as the local stock barometer hit fresh four-month lows, with the Philippine Stock Exchange Index down 157.46 points or 2.40% to 6,404.97, while the broader All Shares index declined by 68.26 points or 1.96% to 3,409.85.More than 15.
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