Peso drops to new low

1

The Philippine peso on Thursday dropped to its lowest level in more than a year.

Advertisements

The peso closed at 44.17 to a dollar, shedding 53 centavos from 43.64 on Friday last week.

Jonathan Ravelas, chief market strategist of BDO, said that the peso may further weaken and hit a low of 44.50 to the dollar.

The analyst said the depreciation was driven by taper talks in the US Federal Reserve which also affected currencies in India, Indonesia and Thailand.

India’s rupee dived to 65.04 against the dollar while Indonesia’s rupiah was at 10,787 to the dollar—a four-year low but a slight improvement on the 10,945 seen Wednesday. The Thai bath slipped to 32.09 from Thursday’s 31.77.

WITH AFP

Share.
loading...
Loading...

Please follow our commenting guidelines.

1 Comment

  1. Is the dropping of the value of the peso a sign of an improved economy? Where are the investors which Mr. Aquino was bragging about? I cannot understand why the surveyors continue to dramatize the so-called 7% growth. Maybe it is only good for the digestion of the boarder in Malacanang and members of the Makati Business Club.