Peso continues slide, weakens to P50.355 vs dollar

ABS-CBN News

Posted at Feb 21 2017 09:36 AM | Updated as of Feb 21 2017 04:43 PM

MANILA – The peso on Tuesday continued its slide to its weakest level against the dollar in over a decade, as corporate demand strengthened the greenback.

The peso opened at P50.30 and depreciated to P50.355 in intra-day trading, before closing at P50.25, its lowest since Sept. 2006.

Bangko Sentral ng Pilipinas Governor Amando Tetangco said there was "legitimate" demand for dollars and "market positioning."

"These are normally part of a healthy vibrant market. But this is not to say that we will stand back when we see that the movements are disruptive or excessive," Tetangco said in a statement.