The Philippine peso fell to its weakest level in more than eight
months on October 22, while the local stock market declined over 1%
amid persistent investor caution and renewed external headwinds,
The Manila Times adds.
The peso closed at PHP58.41 to the US dollar, down by 18.5
centavos from the previous session, marking its lowest close since
February, when it ended at PHP58.66. The currency opened at
PHP58.30 and traded within a range of PHP58.28 to PHP58.43, with
total volume amounting to PHP1.29bn the paper adds.
The benchmark Philippine Stock Exchange index (PSEi) also lost
ground, falling by 62.66 points or 1.03% to finish at 6,030.87. The
broader All Shares index declined by 30.47 points, or 0.83%, to
3,627.38.
Market analysts attributed the peso’s weakness to a stronger US
dollar, which gained against major global currencies as investors
continued to favour the greenback amid ongoing uncertainty in
global trade and geopolitical developments.
Equity markets were similarly subdued. Analysts said sentiment
was weighed down by a combination of domestic political issues,
including ongoing corruption concerns, and broader global risks.
Market caution intensified after US President Donald Trump
suggested that a planned meeting with Chinese President Xi Jinping
at the upcoming APEC Summit might not proceed, heightening worries
about renewed trade tensions.
© 2025 bne IntelliNews, source Magazine
