Philippine peso nosedives to a record low: Ps46.61

The peso flirts with all-time depths but Filipinos are not panicking.

The Philippines has just set an official record Ps46.610 to the dollar on October 4, 2000. The Philippine peso has never been cheaper in recorded history.

The previous record was Ps46.550 set on 7 January 1998 at the height of the Asian financial crisis.

However, after hitting the record low in the morning, the peso inched up later in the day when the heavy hand of the central bank, Bangko Sentral ng Pilipinas BSP, was felt to bring the days closing price to Ps46.460 much stronger than the days opening of Ps46.490.

The days volume was $139.2 million about 61% bigger than the previous day. Some quarters estimate that...

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