Peso weakens to P50.97 vs dollar amid Covid-19 fears

The Philippine peso weakened against the US dollar, closing at P50.97 from Thursday's P50.815, due to growing global concerns over the coronavirus disease (Covid-19).

This depreciation reflects deepening fears about the economic impact of the virus as it spreads rapidly outside of China.

The peso's decline occurred as the World Health Organization (WHO) considered declaring the Covid-19 outbreak a global pandemic.

Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that the peso's weakening was influenced by the WHO's deliberation on a potential pandemic.

Ricafort added that the peso also weakened due to heavy foreign selling in the Philippine Stock Exchange (PSE), with net foreign selling at -$80.1 million, the most in over three months.

The local stock market's benchmark PSEi closed at 6,787.91, its lowest since December 27, 2016, also due to concerns over COVID-19.