Peso sinks to 10-month low at 58.9 to $1

The peso weakened against the dollar for the eighth straight trading day yesterday, sinking to its lowest level in 10 months due to the renewed strength of the greenback, weaker local market sentiment and expectations of further monetary easing by the Bangko Sentral ng Pilipinas (BSP).

- - Keisha Ta-asan

Data from the Bankers Association of the Philippines showed the peso closed at 58.9 versus the dollar yesterday after shedding 27.5 centavos from Friday's 58.625 finish.

This marked the peso's lowest close since Dec. 18, 2024, when it settled at 58.99.

The local currency opened weaker at 58.6. Ít hit its best showing at 58.5 before hitting its intraday low at 58.92 against the dollar. Total volume rose by 14.3 percent to $1.6 billion from $1.4 billion in the previous session.

"The peso weakened to reach historic lows after Monetary Board member (Benjamin) Diokno signaled rate cuts from the BSP amid growth concerns," a trader said.