PH peso weakens to P44.47 against US dollar

Photo by INQUIRER.net

MANILA, Philippines — The Philippine peso on Monday further weakened against the US dollar for the sixth-straight trading day, shedding five centavos to close at P44.47:$1 from P44.42:$1 last Thursday.

Markets were closed on Friday as Typhoon “Mario” battered the country’s financial districts.

At the Philippine Dealing System, the local currency hit an intraday high of P44.39:$1 and a low of 44.50:$1.

The total volume traded reached $757.8 million, down from Thursday’s $935 million.

Over the weekend, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco said in a text message to reporters that “the country’s fundamentals remain sound and we have built buffers (strong external liquidity position, sound banking sector, fiscal and monetary space), which should allow us to remain resilient in the face of external [foreign exchange] risks.”