Peso weakens vs dollar on Greece, China news


The peso lost by 3 centavos on Tuesday to the US dollar amid the improving situation in Greece and China.

The US dollar gained strength and the local unit weakened to P45.195 to $1, down 3 centavos from its P45.160 close on Monday.

“USD strength dominated overnight with the greenback better bid against all its G10 counterparts as the end of uncertainty with Greece and China stocks stabilizing allowed fundamentals to come back into play,” Metrobank said in a commentary.

The private bank said markets are seeing this development as an opening for the United States Federal Reserve to finally start liftoff soon on its planned rate hike.

The local currency opened at P45.23 to $1 at the Philippine Dealing System on Tuesday before trading between P45.17 and P45.25.

Total volume transacted on the PDS fell to $607.4 million from $527 million in previous trading.


Please follow our commenting guidelines.

Comments are closed.