Filtered By: Money
Money

Peso depreciates further to weakest in over 11 years


The Philippine peso depreciated to its weakest level in over 11 years on Monday, following the release of key economic data in the United States.

The local currency depreciated by 34 centavos to close Monday at P52.340:$1 versus last Friday's P52.000.

This is also the weakest the currency has been since it closed at P52.745:$1 on July 19, 2006.

"The peso depreciated today due to upbeat US reports last week on building permits, housing starts, and consumer sentiment," Guian Angelo Dumalagan, market economist and acting head of treasury support at the Land Bank of the Philippines, said in an email interview.

According to data released by the United States, new home construction jumped by 9.7 percent to a seasonally adjusted annual rate of 1.326 million units, the highest level since October 2016.

With this, Reuters reported that the greenback stabilized off its three-year lows against a basket of currencies— RSJ, GMA News

LOADING CONTENT