Amidst the ongoing rally of the foreign currency.
On Thursday, November 21, 2024, the Philippine peso continued its slump and declined to its lowest level against the American dollar in over two years.
The exchange rate stood at Php 59.000 versus 1 US dollar, which is 9-centavo lower than the previous close at P58.91 on Wednesday, November 20.
It is now the weakest performance of the local currency since closing at the same level on October 17, 2022.
The decline of the peso is widely atrributed to the recent re-election of former US President Donald Trump in the hotly-contested Presidential elections, where he won over incumbent Vice President Kamala Harris.