Philippines: Peso slips back to P51:$1 level
The peso fell back into P51:$1 territory on Thursday on the likelihood of a fresh US Federal Reserve rate hike.
“The peso depreciated today as an upbeat US report on producer prices keeps open the possibility of another
US rate hike this year,” Land Bank of the Philippines market economist Guian Angelo Dumalagan said.
“Developments about the US tax reform also weakened the peso,” he added.
The currency closed at P51.16 against the dollar, its weakest in two weeks and down 19 centavos from Wednesday.
The peso first touched P51 to the dollar on August 11 by a war of words between the United States and North Korea