The Philippine peso slumped to its lowest point since April 28, 2009 against the US dollar during Thursday's early trading, despite a government report showed that the Philippines GDP grew in the second quarter.

The Philippine currency hit as low as 48.95 against the dollar and a move below the key 49.01 support level may lead the domestic unit to touch its lowest level in nearly 6-months. At yesterday's New York session close, the pair was quoted at 48.4350.

Philippines' gross domestic product climbed a seasonally adjusted 2.4% sequentially in the second quarter, reversing a revised 2.1% fall in the first quarter, thus effectively avoiding a recession, the National Statistical Coordination Board said today. Economists were expecting a 1.5% growth in GDP.

Year-on-year, the GDP climbed 1.5% in the three months ended June, slower than the 4.2% growth seen in the same quarter last year. Economists expected a growth of 0.5%.

US Dollar vs PHP (FX:USDPHP)
Forex Chart
From May 2024 to Jun 2024 Click Here for more US Dollar vs PHP Charts.
US Dollar vs PHP (FX:USDPHP)
Forex Chart
From Jun 2023 to Jun 2024 Click Here for more US Dollar vs PHP Charts.