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| 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
