Peso weakens against dollar

June 8, 2008

The peso weakened further to close at a fresh six-month low of 43.45 against the US dollar last week as record-high oil prices dampened global appetite for equities and clouded domestic growth prospects. The peso opened at its intra-day peak of 43.30 May 21 and closed near the low of 43.48 to the US dollar. Volume at the Philippine Dealing System amounted to $605 million. The local currency lost 21 centavos from Wednesday’s finish of 43.24 tothe US dollar. It has now depreciated by nearly 5.0 percent since the start of this year.

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