Widening BOP deficit pushes peso down to P58.94:$1

The peso on Thursday opened at 58.92, slumped to 59.00, bounced back to 58.92, and closed at 58.94, with a trading volume totaling $707.45.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corp., said, "The peso closed at 58.94, again near the record low closing rate of 59.00 posted on 3, 10, 13, and 17 October 2022, a day after the latest balance of payments deficit data was reportedly at its widest in four years, and gross international reserves declined to new two-year lows."

"Offsetting positive factors for the peso include global crude oil prices still in 8.5-month lows or since early February 2022 before the Russia-Ukraine war started in February 2022. Net foreign buying at the local stock market today came to $2 million, against the previous day's $12.8 million," added Ricafort.