Peso loses 18 centavos vs. dollar

The peso closed on a weak note Tuesday after US manufacturing data showed factory output in the world's largest economy grew at a faster pace last month.

 

The Philippines currency lost 18 centavos to 44.71:$1 at the close of trading, from 44.53 on Monday.

 

"The US manufacturing sector expanded at a faster pace for the month of May. The ISM Manufacturing Purchasing Manager’s Index was released to be at 52.8, higher than the 51.9 projection," financial services provider MetisEtrade said in an emailed commentary. 

 

"The improvement from April’s two-year low drove the US dollar to appreciate against the Philippine peso," it added. – VS, GMA News