Peso stays weak, still due to EU uncertainties

The Philippine peso traded on a weak note against the dollar on Wednesday, still due to lingering political uncertainties in Europe amid the impending elections in France.

The local currency shed 9 centavos to close at P49.870:$1 from 49.780 on Tuesday.

"Basically, the dollar was stronger overnight, due to political uncertainties in Europe, especially with the upcoming elections," a trader from a local bank told GMA News Online.

According to a report by Reuters, the euro was hit by rising concerns that the far-right National Front Leader Marine Le Pen could win France's presidential vote and take the country out of the European Union. — Ted Cordero/VDS, GMA News