Data from the Bankers Association of the Philippines showed the local currency closed at 59 a dollar Monday, weaker than 58.935 on Friday. Trading volume reached $524.9 million, down from $542.8 million on the previous trading day. READ:
Data from the Bankers Association of the Philippines showed the local currency closed at 59 a dollar Monday, weaker than 58.935 on Friday. Trading volume reached $524.9 million, down from $542.8 million on the previous trading day.
BSP Governor Felipe Medalla had said local monetary authorities would not allow excessive movements in the peso-dollar exchange rate. The country’s widening trade deficit also weighed on the peso this year, as monthly merchandize imports are now double the exports mainly on higher oil prices.
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