Peso touches 51:$1

The peso on Friday touched the 51:$1 level, hitting an intraday low of 51.08:$1 during the morning’s trade.

The local currency opened at 50.9:$1, weaker than Thursday’s close of 50.795:$1.

“We’re constantly monitoring peso developments for excessive short-term volatility not consistent with underlying economic fundamentals and take appropriate actions when necessary. We recognize that the market is also often self-correcting,” Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla Jr. told reporters when sought for comment on the peso’s further slide.