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The Philippine peso weakened against the dollar on the first trading day of the week to carve a fresh 19-month low after strengthening for the past two consecutive days, as the greenback was buoyed by stronger-than-expected economic data in the US.The local unit lost 27 centavos to close at P58.79:$1 from last Friday’s finish of P58.52:$1.This is the weakest performance in over 19 months since November 3, 2022’s finish of P58.80:$1, surpassing the previous 19-month low of P58.
, the central bank intervenes in the foreign exchange market when it is “under stress” or when it finds some “dysfunction in the market.”BSP senior assistant governor Iluminada Sicat last week said the recent weakness of the peso is only temporary, as the greenback is buoyed by developments overseas.Ricafort also cited the increase in the ratio of banks’ soured loans to an 11-month high of 4.45%, along with the latest downward correction in the Philippine Stock Exchange .
Peso Dollar Exchange Ph Economy
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