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Peso drops to 41-to-dollar level in reaction to Cyprus crisis

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MANILA, Philippines—The peso fell back to the 41-to-a-dollar territory on Tuesday to hit its lowest level for the year as the crisis in Cyprus spooked markets anew.

The local currency closed at 41.07 against the US dollar, down by 24 centavos from the previous day’s finish of 40.83:$1.

Intraday high hit 40.84:$1, while intraday low settled at 41.08:$1.

Volume of trade reached $935.76 million from $664.944 million previously.

The depreciation of the peso came amid market concerns that the bitter pill that Cyprus has to swallow to resolve its crisis could cause too much adverse effects on the country’s financial sector, and eventually to the entire euro zone and the global economy.

Cyprus and international creditors have agreed that a bailout package will be made available for the former. However, Cyprus must implement reforms and its own-revenue raising measures for the assistance to be extended. One of these measures is making depositors share the burden of resolving the crisis. In particular, a significant portion of money placed as bank deposits should be surrendered as contribution of the public.

Traders said the impact on depositors and the financial markets of thia revenue-raising measure has created concerns that the same may be implemented in other euro-zone economies facing debt problems.

The market players said uncertainties in the global economy resulting from the events in Cyprus made many investors turn away from emerging-market assets, such as peso-denominated ones, and to the US dollar that has always been considered the safest and liquid currency.


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Tags: Business , currencies , economy , Foreign Exchange , Philippine peso , US dollar

  • boldyak

    tumataas ang value ng peso?….bumaba ang purchasing value ng peso sa atin ah….lol…ano ba ito?

  • eduyuuy

    wla namang silbi ang pag taas ng peso, patuloy pa rin ang pag taas ng presyo ng mga bilihin, mas mabuti pang bumalik sa 50 pesos to 1 $ ang palitan at least giginhawa ng konti ang mga OFW na syang bumubuhay sa ating economeya.

  • http://www.facebook.com/virgilio.dizon1 Abdul Aziz Jawo Dizon

    KUNG DATI RATI NAKIKI PAG DEBATE AKO SA KAPWA KO OFW’S KAPAG ANG ISSUE AY TUNGKOL SA PATULOY NA PAG DA USDOS NG PESO KONTRA SA DOLYAR. DAHIL ANG PANANAW KO TULAD NG ILAN NA MAKA BUBUTI SA PANGKALAHATAN KONG LALAKAS ANG PESO KONTRA DOLYAR… DAHIL INDIKASYON NA BUMUBUTI ANG ECONOMIYA NG BANSA… SUBALIT NGAYON MALIWANAG PA SA SIKAT NG NAG DUDUMILAT NA ARAW NA SA HALIP NA BUMUTI ANG KALAGAYAN NG MGA OFW’S LALO LANG NAG PAHIRAP SA AMING HANAY ANG PATULOY NA PAGLAKAS NG PESO KONTRA DOLYAR… KAYA NGAYON SANA BUMALIK SA 50 PESOS PER DOLLAR ANG PALITAN,,, PARA NAMAN MAKA DAMA KAMI NG KAGINHAWAHAN…

  • axe musk

    This is good news for all OFWs…. Sana tumaas pa at wala naman epekto sa presyo ng mga bilihin ang paglakas ng piso….. mga buwayang negosyante at pulitiko lang ang nakikinabang sa paglakas ng piso…..

  • dodong1

    sana bumalik sa 50-1 ang palitan…

  • http://twitter.com/MarLouWang Marlou Wang

    mag-depreciate man ang peso magulo pa rin ang euro at dollar currency, wa-epek, sila kasi ang may kapangyarihan.



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