Peso slightly weakens on Trump win

US dollar (INQUIRER FILE PHOTO)

MANILA — The peso on Wednesday slightly slid against the US dollar alongside weakness across regional currencies following Donald Trump’s win in the US presidential election, which the Bangko Sentral ng
Pilipinas said could be a “global political risk.”

The domestic currency weakened to close at 48.59:$1 from Tuesday’s close of 48.58:$1, staying at a seven-year low level.

At the Philippine Dealing System, the peso hit an intraday low of 48.85:$1 and a high of 48.57:$1 after opening at 48.62:$1.

The total volume traded rose to $691.9 million from Tuesday’s $549.6 million.

“Regional currencies including the peso fell on renewed risk aversion surrounding market surprise in early results showing a Trump victory,” BSP Governor Amando M. Tetangco Jr. said in a text message to reporters.

Also, “market cautiousness on possible retreat of the Fed from a December hike because of this market reaction is weighing on regional currencies,” Tetangco added.

“We will continue to closely monitor developments and provide liquidity to the market as needed to address market price action on renewed global political risk,” according to Tetangco.  SFM