World Economy

Philippines Peso at 7-Year Low

Philippines Peso at 7-Year LowPhilippines Peso at 7-Year Low

Investor concerns on the Philippines Rodrigo President Duterte administration’s war on drugs coupled with external developments causing uncertainty globally pulled the peso to a seven-year low on Monday, Business Inquirer reported. The peso closed at 48.25 per US dollar, the weakest level since the close of 48.335 on Sept. 15, 2009. At the Philippine Dealing System, the domestic currency reached an intraday low of 48.26 after opening at 48.07, weaker than last Friday’s close of 47.99, a nine-month low. The total volume traded rose to $758.5 million from $590.5 million recorded at the end of last week.