Peso slumps to near 13-year low of P54.32 against US dollar

October 4, 2018

The Philippine peso closed to a near 13-year low of P54,32 against the US dollar after hitting an intraday low of P54.41 in morning trading on Thursday. The peso last hit these levels on Nov 24, 2005 when it closed at P54.338. The currency's decline comes as the government will announce September inflation figures on Friday. The central bank has forecast inflation to settle at 6.8 percent while the finance department sees the rate at 6.4 percent, unchanged from August. Volume at the foreign exchange portal of the Bankers Association of the Philippines (BAP) soared to $893.1 million from Wednesday's $725.2 million. The Philippine Stock Exchange index closed at 7,093.94, down 117.53 points. In the broader market, there were 122 decliners, 68 gainers and 51 shares unchanged. Volume reached 1.05 billion valued at P4.3 billion from Wednesday's 587.96 million worth P5.44 billion. Most active shares were led by SM Investment Corp., unchanged at P875; Ayala Land, down 4.69 percent to P38.60, PXP Energy, down 5.92 percent to P15.90 and Metrobank, down 4.35 percent to P86.  DMS