Wednesday, May 29, 2024

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The peso has fallen to a new low that it hasn’t reached in 10 months.


The Mexican currency, Peso, reached a record low against the American dollar on Thursday, caused by concerns in the market about the potential of a government shutdown in the United States.

According to the website of the Bankers Association of the Philippines, the Philippine peso ended at P56.98 against the US dollar on Thursday, slightly lower by three centavos compared to Wednesday’s closing rate of P56.95.

This was the peso’s weakest fi

It has been over 10 months since it was at P57.375 per dollar.finish on Nov. 22, 2022.

On Thursday, the local currency started the day with a stronger value of P56.888 per dollar, reaching its highest point throughout the day. However, it closed at P56.98 against the US dollar, its lowest value for the day.

According to data from the Bankers Association of the Philippines, the amount of dollars exchanged decreased from $1.35 billion on Wednesday to $980.6 million on Thursday.

According to an email from a trader, the peso has once again depreciated due to renewed concerns in the market about the potential for a US government shutdown over the weekend.

According to a Viber message from Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, the peso was negatively affected by the strong US dollar and the recent rise in global crude oil prices.

Thursday’s session

The trader predicted that the peso may continue to decrease on Friday, due to the possibility of a stronger US producer in Thursday’s trading session.flation data.

On Friday, the trader observes the peso fluctuating within the range of P56.80 to P57 per dollar, while Mr. Ricafort predicts it to fall between P56.85 and P56.99.