Peso Continues to Depreciate Against US Dollar

The Philippine peso continued to depreciate against the greenback for the second consecutive trading day on Monday, as the US dollar regained its strength against major currencies.

The local currency closed Monday at 49.860:$1, 22 centavos weaker than last Friday’s 49.640.

“Dollar stronger against major currencies pulled US dollar/Philippine peso lower,” Jonathan Ravelas, BDO Unibank’s Chief Market Strategist, said in a text message.

This comes after the US dollar was reported to strengthen against other currencies on Monday.

“Trading was erratic with currencies gyrating on very little volume. The dollar edged up 0.2 percent to 101.390 on a basket of currencies, while the euro pared initial losses to stand at $1.0632,” a report by Reuters said. — Jon Viktor D. Cabuenas/RSJ, GMA News

(Source: GMAnetwork.com)