The peso slumped to its lowest level in eight years against the greenback on Monday and breached the P49:$1 territory after a Fed official implied that the Federal Reserve will hike interest rates next month.
The Philippine currency lost 0.51 percent or 25 centavos at P49.20 to $1. It was the peso's weakest level since Dec. 4, 2008, when it hit P49.37:$1.
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