The Philippine peso weakened further against the US dollar on Wednesday, touching a near eleven-yr low in keeping with nearby reaction to tensions over the Korean peninsula, which has precipitated investors to are seeking for secure haven for their currency.
The nearby currency lost eight centavos in Wednesday change and closed at P50.60:$1, from P50.52:$1 the day before today. It became the peso’s weakest end on the grounds that settling at P50.Seventy three:$1 on September 1, 2006.
The peso opened at P50.Fifty four:$1 earlier than trading between P50.Forty seven and P50.60.
“The peso edged decrease in opposition to the USD today at the side of a number of different Asean [Association of Southeast Asian Nations] currencies, probably reflecting chance-off trades as nervous global investors sought safe haven belongings inclusive of gold and the Japanese yen after North Korea’s intercontinental ballistic missile take a look at the day past observed by using precision missile launches nowadays by means of the US and South Korea into the East Sea,” IHS Markit Asia Pacific chief economist Rajiv Biswas stated.
The nearby currency lost eight centavos in Wednesday change and closed at P50.60:$1, from P50.52:$1 the day before today. It became the peso’s weakest end on the grounds that settling at P50.Seventy three:$1 on September 1, 2006.
The peso opened at P50.Fifty four:$1 earlier than trading between P50.Forty seven and P50.60.
“The peso edged decrease in opposition to the USD today at the side of a number of different Asean [Association of Southeast Asian Nations] currencies, probably reflecting chance-off trades as nervous global investors sought safe haven belongings inclusive of gold and the Japanese yen after North Korea’s intercontinental ballistic missile take a look at the day past observed by using precision missile launches nowadays by means of the US and South Korea into the East Sea,” IHS Markit Asia Pacific chief economist Rajiv Biswas stated.
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