Connect with us

Hi, what are you looking for?


Peso slips vs dollar on new virus strain in UK

THE PESO inched down against the greenback on Tuesday amid risk-off sentiment due to the new coronavirus strain seen in the United Kingdom.

The local unit finished trading at P48.095 per dollar, shedding a centavo from its Monday close of P48.085.

The peso opened Tuesday’s session P48.10 a dollar. Its weakest showing was at P48.125 while its intraday best was at P48.07 against the greenback.

Dollars exchanged went up to $457.4 million on Tuesday from $399.9 million on Monday.

Market players became cautious after the recent findings on the new virus strain in the UK, causing a slight depreciation in the local unit, a trader said.

Several territories including India, Pakistan, Poland, Spain, Switzerland, Sweden, Russia, Jordan, and Hong Kong tightened their borders and suspended arrivals coming from the UK following Prime Minister Boris Johnson’s confirmation that the country found a highly infectious mutation of the coronavirus disease 2019 (COVID-19), Reuters reported.

The new coronavirus strain, said to be up to 70% more transmissible than the original, has put some 16 million Britons under tougher lockdowns and prompted several countries to shut their borders to the UK.

Borders were completely closed in Saudi Arabia, Kuwait and Oman. Meanwhile, France, the Netherlands, Germany, Italy, the Netherlands, Austria, Ireland, Belgium and Canada, imposed earlier travel restrictions for flights coming from the UK during the weekend.

Amid the risk-off sentiment, investors also went for some “healthy profit taking,” which also contributed to the peso’s weakness, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

This Wednesday, the trader gave a forecast range of P48.05 to $48.25 per dollar, while Mr. Ricafort expects a tighter trading band of P48.06 to P48.14. — LWTN with Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



LABOR LEADER and Presidential candidate Leodigario Q. de Guzman said his P1-trillion recovery plan will be financed by a one-time 20% wealth tax on...


THE average spot price of electricity on the wholesale electricity spot market (WESM) fell to P5.17 per kilowatt-hour (kWh) in November from  P6.75 a...


EXPORTERS said they expect shipments to grow as markets reopen and industry members make progress on their digitalization efforts.   George T. Barcelon, Philippine...


THE German government is supporting a Department of Environment and Natural Resources (DENR) program that will make coastal management more prominent in the development...


THE Department of Environment and Natural Resources (DENR) said public health is at risk from the improper use and disposal of antibiotics from healthcare facilities...


In the last decade, standards and frameworks used to report material environmental, social and governance (ESG) topics have become quite crowded, leading to an...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.