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Peso touches P58.83:$1; PSEi declines for 7th day

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Peso News

Touches,P58.83:$1,Psei

THE peso fell for a second day on Thursday, and the stock market also extended its decline to seven days amid a lack of positive news.

The currency touched P58.83 to the dollar before regaining some ground to close two-and-a-half centavos weaker at P58.78:$1.The benchmark Philippine Stock Exchange index , meanwhile, shed 21.47 points, or 0.34 percent, to 6,344.56, its lowest close since Dec. 13, 2023's 6,255.74.The broader All Shares index gained 0.05 percent, or 1.85 points, to 3,440.31.Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

''Investors are seeking clear direction on interest rates amid mixed signals, making them wait for the next policy meeting despite expectations that the BSP won't cut rates,' she added.'Moreover, Economist Impact Asia Pacific's projection that the Philippine economy will grow below the government's target until 2028 further weighed on sentiment.'Regina Capital Development Corp.

 

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