Peso extends slide, closes at 44.26: $1

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The peso extended its decline against the US dollar for a fourth day on Wednesday, shedding 3 centavos more to close at P44.26 to the dollar.

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On Tuesday, the local currency reached a four-month low, closing at P44.23 to $1, passing the P44.22 mark set on May 7.

Trading volume on the Philippine Dealing System (PDEx) on Wednesday was $1.026 billion, slightly less than the $1.032 billion traded Tuesday. Most of Wednesday’s trades were made in the morning session, with $732.1 million changing hands before the midday break.

Analysts have said continuing uncertainty about the outcome of the US Federal Reserve policy meeting and signals that further credit ratings upgrades for the Philippines might not be forthcoming in the near future appeared to be dampening investor appetite for the peso.

TIMES BUSINESS news DESK

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