Peso slips on Trump victory

The peso fell slightly against the greenback on Wednesday, s;lipping on anxiety over the victory of Republican bet Donald Trump as the US President-elect.

The local currency closed at P48.590:$1, down 1 centavo from 48.580 on Tuesday, still at its lowest in seven years since September 4, 2009 when it traded at P48.62.

"The peso was browbeaten ... with markets reeling from anxiety over a Trump presidency. Heavy foreign selling in the local equity market also contributed to the losses of the peso," Nicholas Antonio Mapa, associate economist at the Bank of the Philippine Islands, told GMA News Online.

Data from the Philippine Stock Exchange showed foreign buying reached P3.861 billion while foreign selling amounted to P4.074 billion, resulting in a net foreign selling of P213.223 million.

Mapa noted, however, that profit-taking helped temper the local unit's depreciation.

At the Philippine Dealing System, the peso reached a low of 48.850 and a high of 48.570 after opening at 48.620.

The US dollar sank and stocks plummeted in market mayhem on Wednesday as investors faced up to a shock win for Donald Trump in the US presidential election that could upend the global political order, according to a Reuters report. — VDS, GMA News