Peso sinks further on COVID concerns

The Philippine peso continued to depreciate against the US dollar for the second consecutive session on Tuesday, as investor sentiment was dragged by the climb in global coronavirus cases.

The local currency lost 5 centavos to close at P50.19:$1 versus Monday's finish of P50.14.

In a phone interview, a foreign exchange trader from a local bank attributed Tuesday's depreciation to the continued risk-off sentiment.

"COVID cases continue to climb and this is putting a drag on sentiment, with investors flocking to the safe-haven dollar," the trader said.

According to a report by Reuters, new infections spiked in Latin America, particularly in Brazil, while New York City—the epicenter of the United States outbreak—eased restrictions after a hundred days in lockdown.

Locally, the Philippines on Tuesday reported a record-high 1,150 new infections, bringing the total to 31,825. This includes 1,186 deaths and 8.442 recoveries.

Experts from the University of the Philippines project the total to reach 40,000 by the end of June. — BM, GMA News