Peso-Dollar Currency Exchange Update

[MikeLigalig.com]

By Michelle Remo
Philippine Daily Inquirer

MANILA, Philippines -- The peso slipped on the first trading day of the week, consistent with the movement of other Asian currencies that were dragged by a less-than-expected growth performance of the US economy in the second quarter.

The local currency closed at 45.37 against the US dollar on Monday, down 17 centavos from Friday's finish of 45.2.

Intraday high stood at 45.2, while intraday low hit 45.41. Volume of trade fell sharply to only $663.11 million from $1.038 billion recorded previously.

Traders said the decline in the value of the peso mirrored the drop of other Asian currencies. They said regional currencies were adversely affected by a disappointing 1.6-percent growth of the US economy in the second quarter, which was slower than most forecasts.

The United States is a major export market for Asian exporters, including the Philippines.