MANILA, Dec. 4 -- The Philippine peso weakened to the 59-level against the U.S. dollar on Thursday due to expectations for further cut in the central bank rates, negatively affecting the Philippine Stock Exchange index.

The local currency ended the day's trade at 59.02 to a dollar, from its 58.92 close a day ago, nearly a two-week low from its 59.05 close on Nov. 20.

Its weakness showed early on when it opened the day at 58.95 from its 58.55 start in the previous session.

It traded between 58.92 and 59.17, bringing the day's average to 59.07.

Volume reached USD1.29 billion, lower than the USD1.41 billion on Wednesday.

Aside from expectations for a Bangko Sentral ng Pilipinas rate cut this month, Rizal Commercial Banking Corporation c...