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Peso weakens anew

The local currency lost another 14 centavos to close at 52.12 to $1 from 51.98 to $1 last Tuesday. File

MANILA, Philippines — The peso continued to weaken yesterday, breaching the 52 to $1 level in more than 11 years amid strong demand for the greenback and the possibility of a rate hike by the US Fed as early as next month.

The local currency lost another 14 centavos to close at 52.12 to $1 from 51.98 to $1 last Tuesday. This was the lowest level for the peso in more than 11 years since closing at 52.165 to $1 on July 21, 2006.

It opened weaker at 52.03 and recovered to an intraday high of 51.905 before closing at an intraday low of 52.12 to $1.

Volume amounted to $939.9 million, lower than Tuesday’s $1.02 billion.

Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. shrugged off the depreciation of the peso against the dollar.

 “What’s to worry about? The economy is actually in very good shape,” he said.

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The economy is seen expanding between seven and eight percent this year from 6.7 percent last year.

 “We shouldn’t lose the big picture,” Espenilla said.

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