The Philippine peso plummeted again to a new historic low…
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The Philippine peso plummeted again to a new historic low, brushing the whiskers of the ₱62:$1 level on the back of strong demand for the safe-haven United States (US) dollar and a local market that has turned more sensitive to uncertainties.
The peso started the week at a new record low against the greenback, closing at ₱61.75 on Monday, May 18, from ₱61.721 last Friday, May 15. According to the Bankers Association of the Philippines (BAP), the local currency’s close was also its intraday low. It hit a high of ₱61.64 after opening at ₱61.69. Total trading volume declined to $1.002 billion from Friday’s $1.199 billion.
The peso started the week at a new record low against the greenback, closing at ₱61.75 on Monday, May 18, from ₱61.721 last Friday, May 15. According to the Bankers Association of the Philippines (BAP), the local currency’s close was also its intraday low. It hit a high of ₱61.64 after opening at ₱61.69. Total trading volume declined to $1.002 billion from Friday’s $1.199 billion.
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