Philippine peso falls to ₱63.72 against US dollar
The currency lost 2 centavos as dollar demand stayed elevated, according to Union Bank’s chief economist.
The Philippine peso ended trading on November 13 at ₱63.72 per US$1, losing 2 centavos from Thursday’s close of ₱63.7 per US$1.
Ruben Carlo Asuncion, chief economist at Union Bank, attributed the decline to sustained demand for dollars. The peso reached ₱63.94 per US$1 during trading before regaining some ground ahead of the close, he said.
Asuncion said increased trading volume also pointed to continuing pressure on the currency. He cautioned that a stronger US dollar and uncertainty about the Federal Reserve’s policy direction could keep the peso under pressure.
On the domestic front, he said weaker economic growth could further dampen market sentiment. However, he also expected some consolidation following the currency’s recent depreciation.
