Philippine peso hits a SEVEN-year-low

Philippine peso hits a SEVEN-year-low

The Philippine peso hit a seven-year low in heavy trading.



By Reuters

Published: Mon 26 Sep 2016, 2:50 PM

Last updated: Mon 26 Sep 2016, 7:30 PM

The Philippine peso hit a seven-year low in heavy trading as importers' dollar demand added to downward pressure stemming from stock outflows.
It lost 0.6 percent to 48.26 per dollar, its weakest since September 2009.
Local importers scrambled for the greenback for payments, which further weakened a currency already impacted by sustained equity outflows.
Foreign investors were net sellers in Manila stocks over the past six weeks. Analysts say President Rodrigo Duterte has been seen as alienating allies of the Philippines such as the United States with his crackdown on drugs.
The peso's slide "picked up momentum after the break of 48," said a senior Philippine bank currency trader in Manila who expects the currency to weaken to 48.50.
The Philippine unit may see a minor chart support at 48.35, but it is likely to seen heading to around 49.00, analysts said.
Related: Check the exchange rate here


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