“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.