Peso drops further on recession jitters - BusinessWorld Online

THE PESO weakened further on Wednesday as investorsThe local currency closed at P55.91 versus the greenback on Wednesday, down by 12 centavos from Tuesday’s close of P55.79, data from the Bankers Association of the Philippines showed.

“The peso weakened further due to safe-haven demand amid escalating market concerns of a potential global recession in 2023,” the trader said. The dollar index, which measures the greenback against six other currencies, fell 0.74% after rising 1% overnight in a sign of investors’ uncertainty about the path forward for rates, Reuters reported.

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