Peso falls to 47.15 to the dollar

INQUIRER.net FILE PHOTO

The peso opened at its lowest level for the year following a strong US employment report that bolstered expectations of a rate hike by the US Federal Reserve in December.

On Monday, the local currency started trading at 47.10-to-$1. Before noon, the peso’s intra-day low was 47.15: $1. Last Friday, the peso closed at 46.935: $1.

Should the peso close at its intra-day low or at its opening price, it would be the weakest level in more than five years. The currency’s weakness follows a report at the weekend showing US unemployment at its lowest since 2007, fueling a rally for the greenback.