The Philippine peso traded on a weak note against the dollar on Tuesday, pressured by positive US employment figures.
The local currency shed 8.5 centavos to close at P50.440:$1 from 50.355 on Monday.
“The peso continued to depreciate today, still because of last week’s strong US labor reports,” Land Bank of the Philippines market economist Guian Angelo Dumalagan said in an emailed commentary.
Data showed US nonfarm payrolls increased by 209,000 last month, while the employment numbers in June were also revised higher.
The peso-dollar pair might move sideways due to scarcity of fresh leads that will influence market sentiment, Dumalagan noted. — VDS, GMA News