Peso hits record low
The peso Tuesday declined to its weakest level since Sept. 4, 2009’s 48.62:$1, closing at 48.52:$1.
This was also down from Monday’s close of 48.355:$1.
At the Philippine Dealing System, it hit an intraday low of 48.53:$1 and a high of 48.45:$1 after opening at 48.5:$1.
Total volume traded jumped to $775 million from $299 million last Monday.
“[Today’s a] rough day for global currencies, with the peso simply tracking the move of global currencies with the dollar roaring back to life on increased chances of a Fed rate hike. Foreign selling in the local equity market also pressured the peso,” Bank of the Philippines Islands economist Nicholas Antonio T. Mapa said.
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. acknowledged the strengthening US dollar, deemed a safe haven by investors.
“The peso was affected by the dollar strength as traders increased bets on a Fed rate hike this year,” Tetangco said. —Ben O. de Vera
