Peso Sinks Near Record Low
The peso plunged against the dollar on Monday, logging its weakest close so far this year, following signals of further easing from a Monetary Board member.
The local unit closed at P58.90 versus the greenback, sinking by 27.5 centavos from its P58.625 finish on Friday, according to Bankers Association of the Philippines data.
This marked an over 10-month low for the peso, its worst close since it finished at its record low of P59 in December.
The peso's decline is a response to the widening graft scandal's impact on growth prospects.
- The peso opened Monday's session slightly stronger at P58.
- The decline extended its slide to an eighth consecutive session.
Author's summary: Peso hits 10-month low due to easing signals.
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