THE Philippine peso depreciated against the United States (US) dollar for the third consecutive trading day on Friday, as the greenback was buoyed by positive developments in retail sales overseas, particularly in the US.
The local currency lost 0.06 centavos to close at P50.891:$1 versus Thursday’s P50.831.
“The local currency weakened as the greenback rallied following the release of upbeat US retail sales report for December 2019 overnight,” Land Bank of the Philippines market economist Guian Angelo Dumalagan said.
In December 2019, US retail sales rose by 0.3 percent, according to the US Department of Commerce. (GMA News)
