Connect with us

Hi, what are you looking for?


Peso retreats to P49:$1 level on local manufacturing data, virus concerns

THE PESO sank to its worst close versus the dollar in nearly a year. — BW FILE PHOTO

THE PESO retreated to the P49-per-dollar level on Thursday to log its weakest close in nearly a year as hopes for a further reopening of the economy boosted demand for the greenback and amid continued worries over the coronavirus disease 2019 (COVID-19).

The local unit closed at P49.11 versus the dollar on Thursday, shedding 31 centavos from its P48.80 finish on Wednesday, based on data from the Bankers Association of the Philippines. This is the peso’s weakest close since its P49.15-per-dollar finish on July 30, 2020.

The peso started Thursday’s trading session at P48.90 per dollar, which was also its intraday best. Meanwhile, its weakest showing was at P49.13 against the greenback.

Dollars exchanged climbed to $1.348 billion from $1.105 billion on Wednesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s weakness to the improvement in local manufacturing data, which boosted demand for the dollar.

“This could suggest further reopening of the economy as well as pickup in importation,” Mr. Ricafort said in a text message.

The IHS Markit Philippines Manufacturing Purchasing Managers’ Index in June stood at 50.8, going beyond the 50 neutral mark that separates contraction from expansion. The reading was at 49.9 in May.

Meanwhile, a trader attributed the peso’s weakness to lingering concerns over the impact of the Delta variant of COVID-19 on the global economy.

For Friday, Mr. Ricafort gave a forecast range of P48.95 to P49.20 per dollar, while the trader expects the local unit to move within a weaker band of P49 to P49.20. — LWTN

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Your email address will not be published.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!



The national pig herd has lost-one tenth of all sows over the last six months, farmers’ associations have revealed, after breeders were forced into...


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...

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.