Peso weakens further vs dollar on strong US data

Peso weakens further vs dollar on strong US data

MANILA: The Philippine peso weakened further versus the US dollar on Monday (March 7, 2022), on continued global uncertainties and safe-haven demand for the greenback. Latest data from Trading Economics, using mid-market data, show that the peso has further declined to 52.08 against the US greenback at 10.34 am local time (2.24 am UTC) on continued global oil supply risks. Data from the Bangko Sentral ng Pilipinas (BSP) showed the peso at 51.696 at 10.38am, depreciating by 22 centavos from its P51.470 close on March 4. The BSP buying rate was at 51.5 on Monday, while selling rate was 52 for every dollar. As the escalating war in Ukraine propped up the US currency, the peso fell down to its weakest since March 2020. It has declined more than 2% so far this year, making it one of the worst performers in Asia. Analysts say Russia’s action in Ukraine has left the 10-member states of the Association of Southeast Asian Nations nervous about the implications for the South China Sea dispute. Overall, the US currency rose on Monday against a basket of currencies on safe-haven demand. Traders said the demand for the US greenback also spiked on Fed rate hike