Peso opens week on soft note vs. greenback

The Philippine peso opened the week on a weak note against the US dollar, dragged by global oil prices and net foreign selling in the local equities market.

The local currency lost 1.5 centavos to close at P48.225:$1 versus last Friday's finish of P48.21:$1.

Rizal Commercial Banking Corp. chief economist attributed Monday's depreciation to global oil prices which remained at two-month highs and the benchmark US 10-year at 8-month highs at 0.89%.

He also noted that the depreciation came as foreign selling at the local stock market came in at $20.8 million, versus the $14 million last Friday.

Ricafort noted, however, that the peso was mostly stronger against the dollar most of the trading session, after the Philippines and its partners signed a regional trade pact over the weekend.

"[T]he peso was mostly stronger during the day after the signing of the RCEP and after the stronger OFW remittances and GIR data at a new record high," he said in a mobile message.

He was referring to the Regional Comprehensive Economic Partnership which seeks to broaden and deepen the engagement among parties and to enhance participation in the economic development of the region.—LDF, GMA News