Peso eases back to P44 to $1

The peso hit its weakest level in more than three weeks at P44.12 to $1 on Wednesday, dumped in favor of the US dollar by speculators who view the US currency as a safer bet against all external risk at the moment.

Sellers of the peso took positions in the greenback in anticipation of an increase in interest rates by the United States Federal Open Market Committee (FOMC) when it announces its policy decision late Wednesday after its meeting (Thursday Manila time).