MANILA, Philippines — The peso closed at 57 against the dollar yesterday, after shedding 19.2 centavos from Monday’s 56.808 finish, data from the Bankers Association of the Philippines showed.
The local currency opened weaker at 56.85 and lost steam to hit an intraday low of 57. The peso’s intraday high was at 56.85.
Trading volume fell by 30.8 percent to $1.1 billion yesterday from $1.59 billion on Monday.
It was the peso’s weakest close in nearly 17 months, or since its 57.375 to $1 finish on Nov. 22, 2022.
The peso last crossed the 57 to $1 level on Sept. 6, 2022.
ING Bank senior economist Nicholas Mapa said a broad dollar strength swept through currencies in Asia as US treasury yields spiked overnight.
“Yields charged higher as stronger-than-expected US data and the prospects of higher oil prices forced a majority to rethink the US Federal Reserve outlook for rate cuts,” Mapa said.