The Philippine peso fell to a new low against the dollar, closing at 56.245 to $1 on Tuesday, driven by volatility in foreign exchange markets and increasing local demand for dollars.
This represents a decline of 27.5 centavos from the previous day’s rate of 55.97 to $1. The peso initially opened weaker at 56.05, reached an intraday high of 55.97, but ultimately hit a low of 56.33 during the trading session.
Trading volume increased significantly to $1.8 billion, reflecting heightened market activity.
Economists suggest that while the peso may strengthen in the near term due to remittance inflows, it remains susceptible to global factors, including rising crude oil prices and seasonal import activities.
Source: PhilNews24 | September 25, 2024
