Peso still at 11-year low of P52.31:$1, PSE index loses ground

April 25, 2018

The peso remained at an 11-year low of P52.31 against the US dollar after hitting an intraday low of P52.38 on Wednesday. It was a very slight gain from Tuesday's P52.32 against the US dollar.

Volume at the Bankers Association of the Philippines reached $714.64 million from Tuesday's P620.21 million.

The peso's weakness came after a newspaper report quoting Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr that" longer-dated (interest rates) have already moved up."

"The overnight rates hasn't adjusted yet. But it's just a question of time," Espenilla told the Philippine Daily Inquirer.

The Philippine Stock Exchange index closed at its lowest in nearly year on Wednesday.

The index finished at7,557.91, down 42.45 points. In the broader market, there were 125 decliners, 61 gainers and 49 shares were unchanged.

Volume reached 1.76 billion shares worth P6.2 billion from Tuesday's 2.3 billion shares valued at P6.05 billion.

Most traded shares included Ayala Land, down 0.62 percent to P39.50; Jollibee Food Corp., 1.19 percent down to P281.60 and Robinsons Retail Holdings, down 1.12 percent to P88. DMS