Peso weakens on Greek debt crisis

The peso lost 10.5 centavos to the dollar Monday as investors sought safe haven assets amid the uncertainties surrounding the debt crisis currently gripping Greece.

 

The spot peso-to-dollar exchange rate was 45.19:$1 when the forex market closed from the previous close of 45.085.  

 

The Greek debt crisis weighed on sentiment, said Nicholas Mapa, Treasury Market Research officer at  Bank of the Philippine Islands.

 

Creditors have refused to grant Athens a debt bailout, fueling fears that the country would default on its debt and exit the euro zone. The country has until June 30 to repay €1.6 billion due to the International Monetary Fund. 

 

"This caused the market to shift to safe haven currencies like the US dollar," Mapa said. – VS, GMA News