Peso declines to new eight-month low of 47.99 against US dollar
The Philippine peso hit a new eight-month low against the US dollar. as the stock market ended lower after the previous day’s recovery.
The peso fell to its lowest point of the day at 48 against one dollar but ended at 47.990, or 10 centavos lower. The currency hit P47.987 on January 27.
For the fourth straight week, the peso fell and it went down 0.36 percent lower this week “due to quarter end corporate demand,” Banco de Oro said in its report.
The Philippine Stock Exchange composite index closed 38.75 points lower to 7,723.60. Foreign funds led selling after a one-day respite as foreigners sold P4.56 billion worth of shares compared to buying P4.289 billion worth of stocks.
However, on a weekly basis the market barometer rose by 2.25 percent week-on-week snapping a six-week long losing streak to close at 7,723.60. DMS