MANILA - The peso fell to its lowest level against the dollar in two months as the greenback strengthened following hawkish statements by members of the U.S. Federal Reserve.
The peso shed 19 centavos and closed at 50.1 to the dollar--the lowest since it closed at 50.08 last April 7.
Bangko Sentral Governor Amando Tetangco Jr. said other currencies across Asia also fell as the dollar rose to a three-week high.
"It is a reaction to external developments particularly the hawkish statements of Fed officials overnight. So all regional currencies have responded the same way. We are just moving with other regional currencies," Tetangco said.
Volume rose to $1.15 billion from $572.6 million yesterday indicating the BSP entered the market.
HSBC expects the peso to reach 51 to $1 by the end of the year.