Peso weakens further amid US-China talks

THE PESO dropped further against the dollar on Tuesday as markets awaited the outcome of the ongoing trade negotiations between the United States and China.

- Luisa Maria Jacinta C. Jocson with Reuters

The local unit closed at P55.83 per dollar, dropping by two centavos from its P55.81 finish on Monday, Bankers Association of the Philippines data showed.

This was a fresh near one-month low for the peso, as this was its worst close since it ended at P55.855 on May 14.

The peso opened Tuesday’s session stronger at P55.75 against the dollar. It climbed to as high as P55.70 intraday but succumbed to weakness as it closed near its worst showing of P55.84 versus the greenback.

Dollars exchanged rose to $1.15 billion on Tuesday from $767.8 million the day prior.