Peso falls to fresh one-year low of P50.12:$1

The Philippine peso depreciated against the US dollar for the ninth straight trading day on Monday, falling to its weakest level in over a year, amid the threat of the COVID-19 Delta variant to the region.

The local currency lost 4 centavos to close at 50.12:$1, the weakest since June 23, 2020’s P50.19:$1. The peso closed last Friday at P50.08:$1.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort attributed Monday’s depreciation to the increase in Delta variant cases among returning Filipinos to 19.

The Philippines on Monday reported 5,204 new confirmed COVID-19 infections, bringing the total to 1,478,061. This includes 49,128 active cases; 1,402,918 recoveries; and 26,015 deaths.

“New COVID-19 cases increased in other ASEAN countries recently and led to tighter restrictions, thereby partly resulting in weaker currencies in most of the major ASEAN countries,” Ricafort said in a mobile message.

He also noted the hawkish signals of the US Federal Reserve, leading to the weaker currencies in the ASEAN region. — BM, GMA News