Peso a bit above 50 to 1 level against the US dollar
The peso remained just above the psychological 50 to 1 level against the US dollar as the main stock index lost close to 1.5 percent on Thursday.
This took place as the Monetary Board said it is retaining the three percent rate on the reverse repurchase facility which it has kept since June 2016.
The board said the central bank “will continue to monitor emerging price and output conditions to ensure price and financial stability conducive to substantial economic growth.”
The peso closed at P49.995 against the greenback from Wednesday’s P49.995 in lower trading at the Philippine Dealing System. Volume went down to $270 million from $421 million.
The Philippine currency, like other Asian currencies, have been declining due to the US dollar’s strength after the Federal Reserve raised interest rates by 25 percentage points early this month.
The Philippine Stock Exchange index closed 1.48 percent lower, or 99.19 points, to 6,587.17 points. In the broader market, declines outnumbered advances 123-43 with 456 issues unchanged.
Volume reached 624 million shares valued at P 6.61 billion from Wednesday’s 916.63 million shares valued at P5.28 billion. Foreign selling reached P4.089 billion while foreign buying amounted to P2.95 billion.
Philweb Corp and Leisure and Resorts World Corp. were among the day’s biggest losers after President Rodrigo Duterte said he was ordering the closure of “all online gaming firms.”
Philweb Corp lost 30.25 percent of its value, or from 11.92 to P8.30. Leisure and Resorts World Corp. shed off 20.44 percent to end at P3.97 from P4.99. DMS
