Peso plunges to 59:$1, weakest in over 2 years

The peso depreciated for the third straight trading day to close at 59 to $1 yesterday, matching the all-time low last seen in more than two years, amid uncertainty over US economic policies and Philippine monetary policy.

- KEISHA TA-ASAN

Based on data from the Bankers Association of the Philippines, the local currency slid by nine centavos to close at its intraday low of 59 to $1 from its 58.91 to $1 finish on Wednesday.

This is the same close recorded on Oct. 17, 2022, when the peso reached 59 against the dollar for the 12th time that year amid the aggressive rate hikes by the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).

The peso opened at 58.93 yesterday. Its intraday best was at 58.92 before losing steam by the end of the day.

Trading volume went down by 22.9 percent to $842.68 million from $1.09 billion on Wednesday.

The local currency has depreciated by P3.63 or 6.2 percent from its 55.37 to $1 close on Dec. 29, 2023.