Peso weakens further, hovers at P50 vs dollar


Posted at Feb 20 2017 10:09 AM

MANILA – The peso weakened further on Monday, hovering at its lowest level in a decade, data from the Philippine Dealing System showed.

The peso opened at P50.08 to the dollar from P50 on Friday. It weakened to as low as P50.195 in early trading. The Bangko Sentral ng Pilipinas blamed the slide on corporate demand for the greenback.

The local currency’s weakness was “in line with expectations,” Caylum Trading Institute president Edmund Lee told ANC’s “Market Edge with Cathy Yang.”

Analysts had predicted the peso would continue to weaken as investors braced for a faster tightening pace by the Federal Reserve and the new US government under President Donald Trump.