Peso breaches 44 against US dollar

AFP FILE PHOTO

MANILA, Philippines — The Philippine peso on Monday closed at its weakest level since early May, breaching the 44-level against the US dollar.

The peso settled at P44.180:$1 from P43.910:$1 last Friday.

At the Philippine Dealing System, the local currency hit an intraday high of P44.190:$1 and a low of P44.040:$1.

The total volume traded reached $728.700 million, down from Thursday’s $1.037 billion.

In a text message to reporters, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said “today’s move in the regional currencies basically reflects market expectation of more hawkish statements from the Fed. The United States Federal Reserve will hold a meeting later this week.

“Overnight, the peso decline was somewhat in the middle of the range of regional currency moves. Our foreign exchange policy remains the same–that is, to allow market forces to essentially determine the value of the peso, not go against the fundamental trend, but keep room for official action to guard against excessive volatility. We have the tools to address potential further excesses,” Tetangco said.