Peso hovers close to P53 vs $1
The local currency is off to a weak start this week.
The peso touched a fresh low in almost 12 years on Monday, June 11. The currency ended the trading at P52.95 versus the dollar, which is 25 centavos weaker than its P52.70 finish last Friday.
The unit traded generally weaker as it opened at P52.80 per $1, which in itself is a fresh low since July 2006.
The weaker exchange rate will hold until Wednesday morning, as markets are closed during the June 12 Independence Day holiday in the Philippines.