Continued risk aversion again hurt the local currency after it closed to its lowest trading level for the day at 48.73 against a dollar Wednesday.
Wednesday's closing for the peso is its 17-week low after it closed at 48.99 against the US currency on April 28, 2009.
At the Philippine Dealing System, the local unit started the day at 48.60, P0.10 lower than day-ago's P48.50.
It went up to as high as 48.60, which is also P0.10 lower than day-ago's level, before closing the session P0.22 weaker than Tuesday's closing.
Average rate for the day stood at 48.69, lower by P0.14 compared to Tuesday's 48.55 level.
Volume of trade also went down after it only reached P653.45 million from the previous day's P732.86 million.
Security Bank Treasury head Raffy Algarra said risk aversion continue to be high among investors as reflected in the movement of the local currency against the US dollar.
He said investors remains cautious “due to uncertainties†in the global economy but stressed that weakening of the local unit is “not worrisome.â€
“(It) will settle at the same level in the coming days,†he added. (PNA)
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