Peso at 10-week low on stock fall


Posted at Feb 20 2009 11:18 AM | Updated as of Feb 20 2009 07:18 PM

The Philippine peso fell 0.4 percent to 48.16 per US dollar, its lowest since December 10, as investors sold local shares.

Traders said the central bank briefly stepped into the market at the opening to defend the key 48 level.

"The market is now targeting the 48.20 level. There is still risk aversion as the Dow is down," said a trader in Manila.

Asian stocks fell on Friday, taking their cues from a dip in the Dow Jones industrial average a day earlier. Reuters