Fall in equities pulls down peso

The local currency closed at P47.55, down from P47.50 on Tuesday.

“The weakness of the peso [along with other Asian currencies] was a market reaction to the fall of US equities especially the Dow Jones,” a trader said.  The Dow Jones industrial average on Tuesday night tumbled by 4.01% or 332.13 points to 7,949.09. The bellwether Philippine Stock Exchange index lost 3.04% or 57.81points to 1,840.12, as it tracked the Dow Jones.

The peso opened weak at P47.60 yesterday and posted an intraday low of P47.75, before moving to as high as P47.33.  A trader explained that the movement was merely an indication of profit-taking among investors.

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