Peso breaches P52 per dollar
The peso has been sinking to its lowest in nearly 12 years.
The peso continued to weaken against the dollar on Feb. 14 as it breached the P52 level. The currency ended trading on Valentine’s Day at P52.12, sliding from a P51.98 rate the on Tuesday.
This is the weakest exchange rate since P52.165 in July 2006. The peso continues to trade above P52 on Thursday, Feb. 15 as markets anticipate higher inflation data in the United States, which has been driving the strength of the dollar.
The government expects the peso to trade within the P49-P52 range versus the dollar this 2018.