THE peso fell for a third straight day on Wednesday, hitting a fresh 19-month low, while the stock market rebounded following lower-than-expected May inflation.
The currency weakened by 7 centavos to P58.78 to the dollar, its lowest close since Nov. 3, 2022's P58.80.It opened at the day's high of P58.8:$1 and traded as low as P58.65. Volume was slightly higher at P1.319 billion from P1.318 billion previously.Rizal Commercial Banking Corp. chief economist Michael Ricafort said that news of inflation having hit 3.9 percent last month, along with continued dovish signals from the Bangko Sentral ng Pilipinas, had weighed on the peso.
Mikhail Plopenio, research and engagement officer at Philstocks Financial Inc., said 'the local rose as investors cheered May's inflation data ... settling near the lower end of the Bangko Sentral ng Pilipinas' forecast for the month.''The latest print also remained within the government's 2.0- to 40-percent target range,' he added.
Weakens Further Stock Market Rebounds
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