Peso hits lowest level since Oct 2022, closes at P59:$1

The Philippine peso depreciated against the US dollar for the third consecutive day on Thursday, closing at P59:$1, matching its lowest level since October 3, 2022.

This depreciation comes as the US dollar strengthens globally and Treasury yields rise to near four-and-a-half-month highs.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributed Thursday's movement partly to geopolitical risks following Ukraine's missile strikes on Russia and anticipated OFW remittances for holiday spending.

The Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona Jr. assured that the central bank is monitoring the peso’s depreciation but does not worry much about it unless it becomes sharp or continuous, noting that inflation remains within target at 2.3% in October.

Local equities closed lower with the PSEi down by 1.61%, reflecting profit-taking after several positive sessions and following reassurances from the BSP.