MANILA— Philippine peso dropped to its 11-year low on Monday, closing at 51.08 to a US dollar.
Peso has weakened by 10 centavos from last week’s closing of 50.98 to a dollar.
It opened the day at PHP50.95, slightly weaker from Friday’s opening of PHP50.90.
The local currency traded between PHP50.90 and PHP51.08, bringing the average level for the day at PHP50.98 to a dollar.
Total volume traded dropped to USD291.5 million on Monday from USD690.1 million last week.
Earlier, Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said the local currency’s weakness is “natural” because of the market volatilities due to geopolitical tensions.
Espenilla added the peso was also capable of correcting itself and expected not to do a “free fall” with the country’s strong macroeconomic fundamentals.
Meanwhile, the Philippine Stock Exchange index (PSEi) closed Monday in the green.
PSEi ended the day increasing by 0.43 percent, or 33.69 points, to 7,962.12.
All Shares likewise improved by 0.52 percent or 24.23 points ending the day at 4,706.04.
All counters closed in the green led by Property, increasing by 1.06 percent or 39.51 points to 3,767.89.
The sector was followed by Mining and Oil, up by 0.76 percent to 12,587.37 points; Holding Firms, up by 0.48 percent to 7,840.80 points; Industrial, up by 0.33 percent to 10,829.39 points; Services, up by 0.27 percent to 1,689.89 points; and Financials, up by 0.07 percent to 1,989.57 points.
Volume of trade in the local bourse reached 764 million shares amounting to PHP5.12 billion.
Advancers outnumbered decliners at 106 to 96, while 47 were left unchanged.