Peso breaches P54 level

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

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