The Philippine peso closed at 58.32 against the US dollar, marking its weakest level in nearly two months. After opening at 57.85, the peso's dip reflects a consistent trend of weakening since the start of the year when it stood at 55.45. According to the Bangko Sentral ng Pilipinas, this trend is not solely due to a weaker peso but rather a reflection of the strengthening US dollar, which has also gained value against other global currencies. The BSP continues to monitor exchange rate movements amid global economic conditions.
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