Connect with us

Hi, what are you looking for?


Peso weakens as COVID-19 case tally climbs

THE PESO retreated against the greenback on Wednesday amid cautious sentiment due to the continued increase in new coronavirus disease 2019 (COVID-19) infections. 

The local unit closed at P48.60 per dollar yesterday, depreciating by 13 centavos from its P48.48 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso started Wednesday’s trading session at P48.45 against the dollar. Its weakest showing was at P48.69 while its intraday best was at P48.43 versus the greenback.

Dollars that changed hands increased to $1.015 billion from $890.25 million on Tuesday.

Risk-off sentiment amid rising infection cases likely caused the peso’s weakness on Wednesday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. 

The Department of Health reported 2,886 new patients on Wednesday, bringing the country’s tally to 603,308. Active cases reached 44,470 while deaths hit 12,545. With infections rising, more barangays have been put under localized lockdowns to contain the virus spread.

Meanwhile, a trader attributed the peso’s depreciation versus the dollar to cautiousness ahead of the release of US inflation data.

“The local currency might appreciate should US bond rates increase from the consumer inflation report,” the trader said in an email.

Mr. Ricafort expects the local unit to move within the P48.55 to P48.65 levels on Thursday while the trader gave a forecast range of P48.50 to P48.70 per dollar. — L.W.T. Noble

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Your email address will not be published.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!



EasyJet plunged £213 million into the red in the Christmas quarter and is still burning through £150 million in cash each month, putting its...


A new range of healthy yet indulgent cookies will launch in Booths this month for just £1 per pack with the UK-born snacks by...


Payments firm has raised $1bn (£730m), giving it a $40bn (£29bn) valuation and crowning it the UK’s most valuable private fintech. The London-headquartered...


Sylvera, a UK-based startup that provides ratings for carbon offsets, has raised $32.6m (£24.1m) in a Series A funding round to accelerate and expand...


UK-based fintech Everything has raised €2m (£1.67m) to reinvent a decades-old financial product: premium bonds. The raise was led by a group of angel...


Boxt, a UK smart home heating startup that provides an “Uber-style” service for fitting boilers, electric vehicle chargers and air conditioning, has raised £20m...

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...


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


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

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.