The peso ended at 48.54 against the US dollar from 48.497 on Tuesday. It was a seven-year low for the peso which last reached these levels on Sept 4 2009.

Asked by Senate President Pro-Tempore Franklin Drilon during his confirmation hearing about budget assumptions of an exchange rate between 45-48 will be followed by yearend, Finance Secretary Carlos Dominguez said: “I cannot say. But the indications are: the dollar is strengthening against all currencies around the world primarily because of the planned increase interest rates by the Fed.”

The Philippine Stock Exchange index lost 1.21 percent to end at 7,429.82 for its lowest close this year since May 30. DMS