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Manila Bulletin devider Business devider Peso closes at 59 against US dollar

Peso closes at 59 against US dollar

Published Oct 3, 2022 04:44 pm

The peso weakened on the first trading day of the week, closing at a record low of P59 against the US dollar.

The Philippine peso ended at another record low on Monday, Oct. 1, losing 47 centavos from its Friday close of 58.625 against the greenback, data from the Bankers Association of the Philippines data showed.

Peso opened P58.75 then traded in a high of P59.00 and low of P58.72 against a dollar.

Total volume turnover amounted to $666.7 million from $1.058 billion Friday.

The peso has now slipped by P8.001, or 15.68 percent, from the P50.999 finish at the last trading day of 2021, making it one of the worst performing emerging market currencies.

The depreciation of the peso came ahead of the Philippine Statistics Authority report on the September inflation, which the government and economists expect to settle well above the target range.

The Bangko Sentral ng Pilipinas estimated that inflation last month likely ranged around 6.6 percent to 7.4 percent.

As of August, inflation averaged at 4.9 percent, well above the government’s goal of 2.0 percent to 4.0 percent.

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