Peso hits 8-mth low at P45

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The peso lost strength and returned to the P45 territory on Wednesday, hitting an eight-month low as the dollar dominated the yen.

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The local currency opened at P45 to $1 on the Philippine Dealing System (PDS) before trading between P44.99 and P45.10.

The unit closed at P45.07, the weakest level since March 20, when the peso traded at P45.10 per dollar.

Wednesday’s trading showed an 11-centavo fall from the P44.96 close on Tuesday.

Total volume transacted on the PDS rose to $616.800 million from $322 million traded Wednesday. An analyst traced the weaker peso to the impact of a stronger dollar as Japanese yen weakened on recession.

“It’s more linked to the dollar and the dollar gained versus yen,” said Justino Calaycay, analyst at Accord Capital Equities Corp.

“We also have seen foreign selling at the market as monies move back to the US, increasing demand for the greenback,” he added.

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