The
Philippine peso lost P0.49 to 48.55 against the US dollar Thursday on news of more negative figures on US economy.
The unit’s performance during the day is contrary to how it fared Wednesday when it closed at 48.06, which is an improvement of P0.35 against Tuesday’s finish on news that US Senator Barack Obama won the US presidency.
At the Philippine Dealing System, the unit opened at 48.50, lower than the previous day’s 48.10.
Highest trading level for the day stood at 48.15 while weakest was at 48.56.
This placed the average at 48.48, weaker than day-ago’s 48.07.
Total volume of trade continue to decline at $ 548.47 million from the previous day’s $ 775.1 million.
Traders said remittances of overseas Filipinos in time for the holiday season failed to bouy the local currency as the global financial crisis continues. - PNA
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