Peso breaches P54 level

By Inquirer.net |September 12,2018 - 10:39 PM

The value of the Philippine peso dropped past P54 to a dollar on Wednesday — the lowest in almost 13 years — as sentiment toward the currency remained bearish due to an ongoing rout against emerging market currencies and a stubbornly high local inflation rate.

On the foreign exchange market, the peso ended the trading session at P54.13, which is less than three centavos off the low of P54.155 set on Dec. 2, 2005.

“On top of the bearish outlook of emerging market currencies, the Philippines is also struggling with a large current account deficit, and the latest numbers provide additional concern,” a bank treasurer said./INQUIRER.NET

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.