Peso closes at $1 = P55.65

The Philippine peso on Monday, 12 December, started the week weaker after ending the trading day at P55.65 against the US dollar from its P55.37 close the previous session.

It opened the day at P55.4 a dollar, a depreciation from its P55.27 opening in the previous session.

The local currency also traded between P55.67 and P55.40, resulting in an average of P55.55 a dollar.

Volume reached $683.95 million, down from Friday's $944 million.

The local currency shed 28 centavos or 0.5 percent against the greenback on Monday. Still, it remained relatively stable for the 12th straight week already, below the P59.00 level.