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

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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.

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