Peso softens on foreign selling in PHL shares

The Philippine peso depreciated slightly against the dollar on Wednesday as foreign selling in the stock market pressured the local unit.

The local currency shed 3 centavos to close at P52.070:$1 from Tuesday’s finish at 52.04.

“The peso is slightly weaker today vs. the US dollar due to bigger net foreign selling on the PSE today,” Michael Ricafort, head of economics and industry research division at RCBC, told GMA News Online.

On the Philippine Stock Exchange, foreign funds bought P2.390 billion of shares and sold P3.818 billion for a net selling position of P1.427 billion.

Philippine share prices were dragged lower by concerns about US protectionism after US President Donald Trump fired Secretary of State Rex Tillerson, regarded as a moderate in his administration. —VDS, GMA News