The peso depreciated further Thursday toward the 50-per-US dollar level, the weakest in nearly eight years, amid the lingering uncertainties on the policy of newly-elected US President Donald Trump.
The peso lost P0.21 to close at 49.56 a dollar Thursday from 49.35 on Wednesday. It was the local currency’s weakest level since settling at 49.83 against the greenback on Nov. 24, 2008 during the global financial crisis.
Total volume turnover reached $821.5 million Thursday, higher than $666.5 million Wednesday.
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. earlier this week said the peso’s continuous decline was due mainly to the dollar strength, as other regional currencies also showed weakness.
Economists from First Metro Investment Corp. and University of Asia & the Pacific said the “US/PHP rate will remain under pressure as the Fed raises its policy rate in December, and as the local stock market may go sideways until the end of the year.”