Peso continues plunge on heavy selling
The Philippine peso weakened further to P51.34 to the dollar on Tuesday, down 26 centavos from P51.08 Monday.
This is the second lowest close of the peso since Aug. 25, 2006 when the local currency hit P51.38 to a dollar.
The local currency opened the day at P51.20 from Monday’s opening of P50.95.
The currency pair was traded between P51.13 and P51.35, bringing the average level for the day at P51.22 to a dollar.
Volume of trade surged to $659 million on Tuesday from previous day’s volume amounting to $291.5 million.