Peso weakens further

AFP FILE PHOTO

The peso on Wednesday shed two centavos to close at another year-to-date low of 48.54:$1, from Tuesday’s close of 48.52:$1. This is still the weakest since Sept. 4, 2009’s close of 48.62:$1.

At the Philippine Dealing System, the peso hit an intraday low of 48.615:$1 and a high of 48.53:$1 after opening at 48.57:$1.

The total volume traded slid to $713.5 million from $775 million last Tuesday.

On Tuesday, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said the BSP “will continue to monitor foreign exchange market moves and stands ready to prevent sharp changes in the exchange rate.” —Ben O. de Vera