Peso hits six-month low at P58 per dollar

The Philippine peso weakened to P58 per dollar on Thursday as the US dollar strengthened amid reduced expectations of an interest rate cut by the Federal Reserve.

The local currency closed at P58.32:$1, a decrease of 74 centavos from Wednesday's close of P57.58:$1.

This marks the lowest level for the peso in nearly six months since February 4, 2025.

Rizal Commercial Banking Corp.'s chief economist Michael Ricafort attributed the US dollar's gain to more cautious signals from the Fed regarding a possible rate cut in September.

The peso also declined due to an anticipated increase in importation activities in the third quarter and seasonal growth in demand locally and in export markets, along with an expected rise in OFW remittances.