Peso hits intraday low of P50.575, closes at P50.53

June 29, 2017

The peso hit an 10-year-low of P50.575 against the US dollar in intraday trading before closing at P50.53 against the greenback on Thursday. Jonas Ravelas of BDO said "the effect of Fed hike and anticipation of another one within the year and quarter end requirements from corporates" have been driving the peso-dollar rate lower. Volume declined from Wednesday's $1.279 billion to $564.70 million. Stocks also lost ground despite foreigners being net buyers. The Philippine Stock Exchange index went down by 69.12 points to 7,788.06. At the broader market, there were 135 decliners and 78 gainers and 40 unchanged. Volume reached P2.53 billion shares worth P7.78 billion. Foreign buying reached P4.29 billion and foreign selling P4.17 billion. Most active shares were led by Pilipinas Shell, down 2.17 percent to P67.50 and Ayala Land, down 2.26 percent to P39. DMS