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After breaking into the stronger ₱56 level on Friday last week, the peso reverted to the ₱57 level on Monday, April 7, against the United States (US) dollar due to concerns over new tariffs imposed by US President Donald Trump.
From ₱56.88 versus $1 on Friday, the dollar strengthened at the start of the week, with the peso sliding by over half a peso, or 55 centavos, to ₱57.43, according to data from the Bankers Association of the Philippines (BAP).
During the session Monday, the peso opened at ₱57.1 against the greenback. Its intraday best stood at ₱57, while its intraday low stood at ₱57.45.
The trading volume for dollars increased to $2.17 billion on Monday from $1.99 billion on April 4.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said that while this is still better than the recent low of ₱57.74 on March 26, it’s a tad worse than the rate of ₱57.41 on March 10, just before political noise erupted.
Ricafort said the most recent decline in the value of peso is partly due to concerns over new US tariffs slapped by Trump, which could harm the US and global economies, raising fears of a potential economic recession.
The local currency weakened on Monday, relative to the low of ₱56.74 on Friday, but it remains near the highest level in six months, or since October last year, at ₱57.21, the economist noted.
