MANILA  -The Philippine peso closed trading on Friday at 56.315:$1, its weakest position in almost nine months, possibly putting the local currency on a depreciation path as the US dollar holds out while other countries show worse economic signals than the United States. At this level, the peso-dollar exchange rate is approaching the upper end of the Marcos administration economic team's forecast for 2023, which they placed within 54-57 pesos against the greenback. The peso lost 9.5 centavos to the US dollar from the 56.

https://business.inquirer.net/415475/weak-gdp-numbers-point-to-more-peso-downside

#inquirer