News Formal

Peso hits over 2-year low; stock market extends rally

  • 📰 TheManilaTimes
  • ⏱ Reading Time:
  • 25 sec. here
  • 10 min. at publisher
  • 📊 Quality Score:
  • News: 41%
  • Publisher: 92%

Peso News

Hits,Over,2-Year

THE peso hit an over two-year low on Wednesday, weakening by 10 centavos to end the day at P58.91 against the dollar.

It was the currency's lowest close since the P58.94:$1 recorded on Oct. 20, 2022. That month was also when the peso hit an all-time low of P59 against the greenback.Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened as the dollar continued to strengthen against the major global currencies.'The US dollar/peso exchange rate is also higher amid some geopolitical risk related to the Russia-Ukraine war lately,' he added.

The benchmark Philippine Stock Exchange index added 172.44 points, or 2.54 percent, to 6,975.63, while the broader All Shares gained 35.23 points, or 0.92 percent, to 3,847.41.Philstocks Financial Inc. research manager Japhet Tantiangco said 'the market was mainly driven by the reassurance from the Bangko Sentral ng Pilipinas that the Philippines' monetary policy is still in its easing phase with a possibility of a 100 basis points rate cut in total next year.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Continued peso decline weighs on stock marketTHE peso again fell versus the dollar on Tuesday, limiting gains at the stock market as investors continued to await fresh corporate earnings results.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Stock market up, peso slumpsThe Philippine stock market inched up Tuesday amid tepid trading as investors stayed on the sidelines while waiting for fresh catalysts. The 30-company
Source: MlaStandard - 🏆 20. / 55 Read more »

Peso slightly higher; stock market gains on inflation newsTHE peso edged up on Tuesday and the stock market surged in the absence of an October inflation surprise.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Peso, stock market open week lowerRising tensions in the Middle East were said to have weighed on the peso on Monday and the stock market also fell as investors awaited third quarter earnings results.
Source: TheManilaTimes - 🏆 2. / 92 Read more »