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Peso back to weaker ₱56 level amid Israel-Iran conflict

Business | Banking & Finance

Peso back to weaker ₱56 level amid Israel-Iran conflict

By Derco Rosal

At A Glance

Peso continued to weaken on Friday, June 13, slipping back to the 56 level against the United States (US) dollar due to Israel's airstrikes against Iran's nuclear program.

The Philippine peso continued to weaken on Friday, June 13, slipping back to the ₱56 level against the United States (US) dollar due to Israel’s airstrikes against Iran’s nuclear program.

The local currency further lost footing against the greenback to close the week at ₱56.21:$1. It declined by 32.5 cents from its ₱55.885 finish last Wednesday.

Friday’s close was the peso’s weakest level since April 28, when it closed at ₱56.42.

Markets were closed last Thursday, June 12, as the nation commemorated Independence Day.

According to the Bankers Association of the Philippines (BAP), the local currency reached an intraday low of ₱56.235 and a high of ₱55.75. It opened at ₱55.8.

Total trading volume inched up to $1.71 billion from Wednesday’s $1.23 billion.

A trader said the decline of the local currency could be attributed to external factors, pointing particularly to Israel’s attack on Iran.

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