Tuesday 25 September
Powered by Ajaxy
peso to dollar peso dollar rate peso Feb 19, 2018 @ 18:14

Peso plummets to P52.34 vs dollar

 

Overseas Filipino workers (OFWs) win but importers lose in this scenario.

The Philippine peso continued its slump on Monday, Feb. 19 as it ended trading at P52.34 against the US dollar. This is a substantial weakening from the P52:$1 finish on Thursday, Feb. 15.

ING Bank economist Joey Cuyegkeng said a “dovish” central bank likely drove the sustained weakening of the peso, alongside a wider trade deficit for the Philippines.

Market perception of “greater tolerance” for a weaker exchange rate among President Rodrigo Duterte’s economic managers is also giving the chicken-egg scenario for the peso weakness, he added.

Dollar remittances will then have a bigger value once exchanged in the peso for families at home to spend, but it also means that imported goods will be costlier.

Tags: , , , , , ,

Related Stories
Things aren't lining up for the currency's recovery.
Indonesia's rupiah currency dropped Wednesday to its lowest level since the 1998 Asian Financial Crisis
Hong Kong's de facto central bank said Thursday it had bought up more than US$2
The Indian rupee slumped to an all-time low against the US dollar on Thursday as


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.