Peso depreciates amid global COVID-19 spike
On Tuesday, June 23, 2020, the Philippine peso continued to depreciate against the US dollar for the second consecutive day due to rising global coronavirus cases.
The peso closed at P50.19:$1 on Tuesday, down from Monday's close of P50.14 and Friday's close of P50.06.
A local bank trader attributed the depreciation to risk-off sentiment as new infections spiked in Latin America and New York City eased lockdown restrictions.
Locally, the Philippines reported a record-high 1,150 new infections on Tuesday, bringing the total cases to 31,825 with 1,186 deaths and 8,442 recoveries.
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.