Peso hits one-month low as dollar rises

THE PESO weakened to a more than one-month low against the dollar on Tuesday as the greenback gained strength, supported by a weaker euro and investor anxieties over the UK fiscal position.

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It closed at P57.51 a dollar, down 35 centavos from P57.16 on Monday, based on Bankers Association of the Philippines data posted on its website. This was its weakest close since Aug. 1, when it ended at P58.145 a dollar.

The peso opened the session at P57.22, It hit an intraday best of P57.14 and touched a low of P57.54 before settling at its close. Dollar turnover rose to $1.92 billion, sharply higher than $1.06 billion the previous day.

A trader said the peso tracked the dollar’s late-session gains, which came after the euro opened weaker following a spike in the UK’s long-term borrowing costs. Britain’s 30-year government bond yield climbed to its highest level since 1998, fueling worries over its fiscal position.