The Philippine peso weakened further against the US dollar on Wednesday, touching a near 11-year low in line with regional reaction to tensions over the Korean peninsula, which has prompted investors to seek safe haven for their currency.
The local currency lost 8 centavos in Wednesday trade and closed at P50.60:$1, from P50.52:$1 the previous day. It was the peso’s weakest finish since settling at P50.73:$1 on September 1, 2006.
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