Peso weakens to 56.21: $1
MANILA, Philippines — The peso slumped further against the dollar yesterday, piercing the 56 to $1 level, as geopolitical tensions in the Middle East spooked financial markets and boosted demand for safe-haven assets like the greenback.
The local currency depreciated by 32.5 centavos to close at 56.21 to $1 from Wednesday’s 55.885. This marked the peso’s weakest finish in nearly two months or since it hit 56.42 to $1 on April 28.
The peso opened at 55.80 versus the greenback. It briefly strengthened to an intraday-best of 55.75 before losing steam and hitting a low of 56.235.
Trading volume rose by 50.6 percent to $708.1 million from $470 million the previous trading day.
“The peso closed higher against the dollar following the Israel attack on Iran,” a trader said, noting that safe-haven flows pushed investors toward the dollar amid fears of a wider conflict.
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