Philippine Daily Inquirer
7:47 pm | Monday, October 1st, 2012
AFP FILE PHOTO
MANILA, Philippines—The peso fell on the first trading day of the week as the outlook for the global economy was dampened by reports of a weaker-than-expected manufacturing activity in China for September.
The local currency closed at 41.76 against the US dollar on Monday, down by 6 centavos from Friday’s 41.70:$1.
Intraday high hit 41.755:$1, while intraday low settled at 41.85:$1.
Volume of trade amounted to $919.4 million from $916.5 million previously.
The drop in the peso came following the release of a report showing that the China’s manufacturing sector contracted anew in September. The purchasing managers’ index for China stood at 49.8 points in September. An index below 50 points (out of a scale of 100) indicates a contraction.
Traders said the report fueled more concerns over the performance of the global economy. They said a slowing manufacturing activity in China could mean reduced demand for inputs, and so exporting countries like the Philippines might be adversely affected.
China is one of the biggest export markets for Philippine-made goods.
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Tags: Business , business and finance , currencies , economy , Foreign Exchange , Philippine peso , US dollar
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