THE peso weakened to a fresh seven-year low against the greenback Thursday, a day after Republican Party bet Donald Trump won the US presidential election.
The local currency lost seven centavos to close at 48.66 from 48.59 on Wednesday. It was the peso’s weakest level in seven years since the 48.71 on Sept. 3, 2009 at the height of the global financial crisis. Total volume turnover reached $357 million, significantly lower than $765.9 million Wednesday.
Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo did not attribute solely the peso’s further decline to the results of the latest US presidential election.
“It is difficult to make attribution to that alone. There are factors behind the exchange rates, such as fundamentals and sentiment,” Guinigundo said.