Peso weakens vs dollar on COVID-19 fears
The Philippine peso weakened against the US dollar on Tuesday due to concerns over the coronavirus disease 2019 (COVID-19).
The local currency closed at P50.645:$1, a depreciation of 7.5 centavos from Monday's close.
Apple Inc.'s warning about potential revenue shortfalls for its first quarter due to production and demand issues in China exacerbated market anxiety.
On Monday, the peso had remained nearly unchanged, losing only 1 centavo against the dollar amid ongoing health concerns.
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