Peso slips to P63.72:$1

The Philippine peso continued its downtrend against the US dollar on Friday, closing the week on a soft note.

The local currency shed 2 centavos to close at P63.72:$1, from P63.7:$1 on Thursday.

Union Bank chief economist Ruben Carlo Asuncion said the peso closed weaker "as dollar demand remained elevated."

"The local currency briefly touched P63.94 before recovering toward the close. Higher trading volume also suggests continued pressure on the peso," Asuncion said.

"Moving forward, the peso may remain under pressure amid a stronger US dollar and lingering uncertainty over the Fed's policy direction. Domestically, weaker economic growth could further weigh on market sentiment, although some consolidation may be expected following the peso's recent depreciation," he added. — VDV, GMA News