The Philippine peso weakened further against the greenback on Monday, posting a fresh near 11-year low, with strong US jobs data and the drop in the Bangko Sentral ng Pilipinas’ dollar reserves likely affecting investor sentiment.
The local currency lost 11 centavos in Monday’s trade and closed at P50.69:$1, from P50.58:$1 on Friday. It was the peso’s weakest finish since settling at P50.73:$1 on September 1, 2006. The peso opened at P50.59:$1 before trading between P50.58 and P50.69.
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