GMA News
Peso dragged by risk aversion brought about by nCoV fears
The Philippine peso depreciated against the US dollar on Monday, closing at P50.835:$1, a loss of 2.5 centavos from Friday's close.
The US dollar strengthened globally as risk aversion increased due to growing concerns over the novel coronavirus (n-CoV).
The United States Centers for Disease Control and Prevention confirmed five cases of the virus in the US, all linked to travel from Wuhan, China.
Latest reports indicate 80 deaths across China due to the novel coronavirus, which is believed to have originated from an animal market in Wuhan.
The Philippines has suspended direct incoming flights from Wuhan following the outbreak.
The weakening of the peso and strengthening of the dollar is attributed to fears of slower global economic growth, particularly in China.
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The Philippine peso recovered on Friday, January 31, 2020, closing at P50.83:$1, following the World Health Organization's declaration of the novel coronavirus outbreak as a global health emergency.
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Local share prices and the peso declined due to worries about the impact of the novel coronavirus originating from China.
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Philippine share prices continued to decline on Wednesday due to investor concerns over the novel coronavirus, with the PSEi index dropping by 0.09% to close at 7,462.31.
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The Philippine government initiated the repatriation of Filipinos from Wuhan, China, amid the novel coronavirus outbreak, despite concerns from health experts about potential risks.
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