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Peso falls to 50.23 to US$1

20 February 2017

AFP File photo
The peso has fallen to a new 10-year low today, Feb. 20, closing at 50.23 to US$1.
It was the lowest close for the Philippine currency since Sept. 26, 2006, when it closed at 50.32:US$1.
The peso opened at 50.08:$1 and reached a high of 50.05:US$1 but continued to decline, until it closed at the lowest level of 50.23:US$1
Last Friday, it breached the 50:$1 level for the first time since Nov 16, 2006, when it closed at 50.12 : $1.
Bangko Sentral ng Pilipinas Governor Armando Tetangco said in a text message to reporters that the peso’s weak opening “tracked the softness in most regional currencies.’
He said it was  “also driven by risk-off sentiment amid geopolitical concerns, especially in Europe.”
He added, “The BSP does not target any exchange rate level, but we continue to watch out for excessive market volatility.”
Analysts say the domestic currency’s depreciation was caused by political uncertainties in Europe, while US President Donald J. Trump’s tax plan improved the dollar’s appeal as a safe-haven currency.
The total volume traded jumped to $723 million from $532 million on Friday’s close. – with a report from the Philippine Daily Inquirer

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