The Philippine peso weakened further against the US dollar on Wednesday, touching a new low in more than 10 years, as external developments such as Federal Reserve’s recent rate hike pronouncements and uncertainties on Trump administration’s tax policies affected the market.
The local currency closed 21 centavos weaker at P50.50:$1 on Wednesday. It was its weakest finish since settling at P50.54:$1 on September 11, 2006.
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