The peso stayed at two-week low against the greenback on Thursday, tracking regional weakness amid better-than-expected US housing data.
The currency weakened to P46.47 to $1, losing 26 centavos from its P46.21 close on Tuesday. Wednesday’s finish was the weakest since October 5, when the peso slid to P46.48 to $1.
“The peso was weaker as other Asian currencies were weaker. [The] currency seems to be on track to retest the P46.50-P46.70 levels,” Banco de Oro chief market strategist Jonathan Ravelas said.
Weighing on regional currencies was data showing US housing starts up 6.5 percent to 1.206 million units in September, surpassing expectations of 1.142 million. Building permits issued, however, dropped by 5 percent to 1.103 million.
The local currency opened at P46.35 to $1 on the Philippine Dealing System (PDS) before trading between P46.33 and P46.49.
Total volume transacted rose to P1.101 billion from $712 million in the previous session.