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Peso slides on lower Q1 GDP
By TED CORDERO,GMA News The Philippine peso weakened early Thursday as lower-than-expected first quarter gross domestic product data weighed on the local currency.
It opened lower by 8 centavos at P49.840:$1 from Wednesday's close of 49.760. It reached a low of 49.900 and a high of 49.820.
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BDO Unibank Inc. chief market strategist Jonathan Ravelas said the peso's initial softening was also due to Wall Street's tumble overnight.
"The USD/PhP opened weaker reaction to Wall Street's fall," Ravelas said. — VDS, GMA News