The peso hit a one-week low against the greenback as trading resumed after a holiday, with investors said to be wary ahead of fresh US economic data releases.
The currency fell to P47.18 to $1 on Tuesday, losing 4 centavos from its P47.14 close on Friday. Monday’s finish was the weakest since October 23 when the peso slid to P47.22.
“Markets continue to be anxious over economic data reports that could further cement the Fed’s decision to hike in at its next meeting,” said Nicholas Antonio Mapa, Bank of the Philippine Islands associate economist.
The US Federal Reserve will be meeting later this month and is widely expected to announce an interest rate hike.
The peso opened at P47.15 to $1 on the Philippine Dealing System (PDS) before trading between P47.09 and P47.23.
Total volume transacted rose to P583.2 million from P470.5 billion in the previous session.