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Philippine peso breaches 50:1 mark against U.S. dollar |
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21:02, November 21, 2008 |
The Philippine peso has breached the 50 pesos against one dollar psychological mark and lingered on the two-year low on Friday's trading.
The local currency opened at 50 pesos to a dollar and hit a fresh low of 50.170 pesos before rising up to 49.820 pesos at the end of the trading.
The peso, considered the best performing Asian currency in 2007,has been lingering on the 49 pesos level over the past few days.
The peso has depreciated more than 20 percent against the greenback from 41.52:1 at the start of the year.
Analysts said it was a sign that a tumbling global economy has started to bite on the emerging markets.
Philippine Dealing and Exchange Corp. data showed that the last time peso closed at 50 pesos to a dollar was in October, 2006.
Source: Xinhua
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