January 28, 2021 | 9:00 pm Font Size
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THE peso weakened versus the dollar on Thursday as the country logged its worst recession on record.
The local unit closed at P48.11 per dollar on Thursday, shedding 3.5 centavos from its P48.075 finish on Wednesday, data from the Bankers Association of the Philippines showed.
The peso opened Thursday’s session lower at P48.115 per dollar. Its intraday low was at P48.145, while its best showing for the session was at P48.097 against the greenback.
Dollars exchanged increased to $1.188 billion on Thursday from $1.123 billion on Wednesday.
The record gross domestic product (GDP) contraction last year caused the peso to decline versus the dollar, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
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