Peso closes weak at 56.22

The peso on 30 August closed weaker against the dollar by 0.205, or 0.4 percent at 56.225.

Earlier it opened at P56.15, went on an intraday high at P56.20, low at P56.10 (after closing at 56.02 on 26 August).

“The stronger dollar against major global currencies, after the Fed’s yearly Jackson Hole symposium, signaled higher Fed rates for longer, more hawkish signals from other Fed officials recently,” Michael Ricafort of Rizal Commercial Banking Corp. told Daily Tribune.

The peso’s value was also  weaker after the local stock market, PSEI, was lower by 62.23 points or -0.9 percent to close 6,690.27 (up from an intraday low of 6,600.99), near one-week lows, but still among 2.5-month highs, after a decline in US stock markets f since late last week, Ricafort added.

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