Peso drops further on foreign outflows
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May 24, 2021 | 9:00 pm
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THE PESO dropped to a three-week low against the greenback on Monday as US Federal Reserve officials said the central bank should discuss tapering its bond purchase program soon.
The local unit closed at P48.065 versus the dollar on Monday, dropping by 12 centavos from Friday’s finish of P47.945, data from the Bankers Association of the Philippines’ website showed.
This was the peso’s worst close since April 30’s finish of P48.10 per dollar.
The peso opened Monday’s session flat at P47.94 against the dollar, which was its intraday high. It dropped to as low as P48.085 versus the greenback.