Peso closes at new all-time low of P58.49 vs dollar
The peso lost 49 centavos against the US dollar to end at a new all-time low of P58.49 on Thursday.
It surpassed the former record low of P58, set last Wednesday. This is the third straight day that the peso ended at historic lows.
The peso's slump happened as the Monetary Board announced that it increased policy rates by 50 basis points, putting the overnight reverse repurchase to 4.25 percent. The rate takes effect Friday.
The peso reached its lowest for the day of P58.50. Volume at the foreign exchange portal of the Bankers Association of the Philippines climbed to $1.514 billion from $1.051 billion on Wednesday.
Meanwhile, the Philippine Stock Exchange index (PSEi) declined 39.98 points to end at 6, 301.71.
In the broader market, there were 156 declines, 41 advances and 34 unchanged.
Volume amounted to 641. 94 million worth P5.916 billion from Wednesday's 569.25 million shares valued at P5.42 billion.
Most active shares were led by ICT, unchanged at P181; Ayala Land, down 1.4 percent to P25.55; Converge, down P1.90 to P14.92 and SM Investments Corp., up P1 to P819.50. DMS