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Peso drops vs dollar as oil prices climb after OPEC+ fails to reach deal

Mount Equity Group Tokyo, Japan > News > Markets > Peso drops vs dollar as oil prices climb after OPEC+ fails to reach deal

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THE PESO depreciated versus the greenback for the third straight day on Monday as global oil prices inched higher and due to increased demand for the dollar as the economy gradually reopens.

The local unit closed at P49.24 per dollar on Monday, shedding four centavos from its P49.20 finish on Friday, based on data from the Bankers Association of the Philippines.

Monday’s close was the peso’s weakest since the P49.25-per-dollar finish seen on July 27, 2020.

The peso opened Monday’s session at P49.10, which was also its intraday best. Meanwhile, its weakest showing was at P49.325 versus the greenback.

Dollars traded increased to $1.073 billion on Tuesday from $956 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s weakness to demand for the dollar as oil prices continued to rise. He noted that higher oil prices could also increase…

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