February 1 - 15 , 2018 PHILIPPINE ASIAN NEWS TODAY 17
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The Philippine peso fell to P52 against the dollar on Wednesday , weighed down by a widening trade deficit and concerns over US inflation that led to the currency ’ s weakest close in over 11 years .
The local currency opened at P52.03 :$ 1 , traded at P51.90 to P52.12 , and finally ended the day at P52.12 per dollar , 14 centavos weaker than Tuesday ’ s P51.98 :$ 1 close .
The last time the local unit
Peso weakest , hits P52.12 :$ 1
breached P52 :$ 1 territory was 11 years ago or on July 21 , 2006 when the peso closed at P52.16 to a dollar .
News that the country ’ s trade deficit had ballooned to $ 4.02 billion in December , leading to a full-year gap of $ 29.8 billion , was said to be a primary factor behind the peso ’ decline to P51.79 :$ 1 last Friday .
Worries that the trade deficit would further widen in 2018 were cited as prompting Monday ’ s fall , which analysts also attributed to corporate demand for the greenback .
With the US set to release latest inflation data , analysts said markets were waiting for clues as to how fast the Federal Reserve would proceed with its policy tightening .
“ The exchange rate breached the P52 :$ 1 mark still because of US rate hike expectations ,” Land Bank of the Philippines market economist Guian Angelo Dumalagan said . ( M . Caraballo , TMT )
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