Peso plunges vs US dollar

MANILA, Philippines — The Philippine peso for the sixth-straight trading day on Monday further declined against the US dollar, shedding five centavos to close at P44.47 against the dollar from P44.42 last Thursday.

As Tropical storm “Mario” hits the country’s financial districts on Friday, the primary Markets were closed.

At the Philippine Dealing System, the local currency hit an intraday high of P44.39:$1 and a low of 44.50:$1.The total volume traded reached $757.8 million, down from Thursday’s $935 million.

The Bangko Sentral ng Pilipinas (BSP) prepared for this situation. “The country’s fundamentals remain sound and we have built buffers (strong external liquidity position, sound banking sector, fiscal and monetary space), which should allow us to remain resilient in the face of external [foreign exchange] risks.”) BSP Governor Amando M. Tetangco said in a text message to reporters.

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