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Categorized | Currencies

Spiller in Manila: Philippine peso hits 50 per dollar for first time since 2008

Posted on November 24, 2016

The Philippine peso has hit 50 per dollar for the first time since the financial crisis.

Amid a broad sell-off in emerging markets currencies as the US dollar strengthens, the peso weakened to as much as 50.015 to the dollar, a drop of as much as 0.3 per cent.

It was the first time the currency traded through the 50 level since November 24, 2008, precisely eight years ago. The most recent time the currency has closed weaker than 50 to the dollar was mid-November 2006.

Since Donald Trump was elected president, the peso has fallen 2.8 per cent, which is a middle of the range performance compared to other Asian currencies. So far this year, the peso has weakened 5.7 per cent against the dollar, making it the second-worst performer in Asia after China’s renminbi.

Despite political uncertainties, economic growth in the Philippines has been solid, rising by 7.1 per cent year-on-year in the September quarter. In June, the central bank cut its overnight repurchase rate by 1 percentage point to 3 per cent.

(Chart courtesy of Bloomberg)