Peso closes at P51:$1 level, weakest in 11 years

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THE Philippine peso fell further on Monday to close at P51:$1 level, its weakest finish in almost 11 years.

The local currency softened by 10 centavos from P51.08:$1. It opened at P50.95 to $1, before trading between P50.90 and P51.08 against US currency and lodged its weakest closing since it couched at P51.21:$1 on August 28, 2006.

“The peso … weakened towards the end of the day amid concerns over the conflict between the US and North Korea,” said Land Bank of the Philippine market economist Guian Angelo Dumalagan. MAYVELIN U. CARABALLO

 

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