The peso recorded a fresh five-year closing low of P46.81 to $1 on the first trading day of the week as traders took a more bearish view of China’s foreign exchange policy stance, economic slowdown and equities market slump.
The Philippine currency lost 31 centavos from Thursday’s closing level of P46.50 and finished Monday’s trade at its weakest level since June 7, 2010, when the peso traded at P46.83 to the dollar.
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