The peso on Monday sank to a new 11-year low against the US dollar, on widening trade deficit and external developments particularly the tension between the US and North Korea. It was the peso’s lowest finish in nearly 11 years, or since it settled at 51.21 a dollar on Aug. 28, 2006. Espenilla said the regulator was constantly monitoring the movement of the peso for excessive short-term volatility not consistent with underlying economic fundamentals. Chua predicted that the peso would close at 51.1 a dollar by yearend, down from 49.72 a dollar on the last trading day of 2016. The peso hit an all-time low of 56.39 a dollar in October 2004.

Source: The Standard August 14, 2017 12:33 UTC