Peso record low: Ps51.65:$1, but is this market price?

The Philippine peso sank to another record low on October 30, 2000, this time at Ps51.65 to the US dollar, amidst a political stalemate gripping the country.

In a related development, the Bureau of Treasury rejected all bids for 91-day treasury bills which are considered the benchmark for short term bank loans in the country.

With a major holiday coming in two days, the trading members of the Philippine Dealing System PDS tested once again the patience of the central bank, the Bangko Sentral ng Pilipinas BSP.

The peso opened at Ps51.150, weaker than the previous days close of Ps51.080, at the PDS, the countrys interbank currency trading system.

By 10am, with a total traded volume of $1.5 million, the peso sank to Ps51.200. By noon, the peso plunged to Ps51.350 with a volume of $28.25 million....

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