THE peso declined to an eight-month low against the greenback Friday, touching 48 before closing at 47.99.
The local currency lost P0.16 from Thursday’s close of 47.83. It was the peso’s weakest level since the 47.995 posted on Jan. 26, 2016. Total volume turnover stood at $590 million, higher than $502.855 million a day ago.
The peso opened at 47.86 against the greenback, touching the 48-a-dollar level at one point during the trading day.
Security Bank said in its daily report that that US dollar was “now trading off the lows post FOMC [Federal Open Market Committee meeting].” FOMC met on Sept. 21 to 22.
On Thursday, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said the decision of the US Federal Reserve to keep interest rates unchanged Wednesday would slow the weakness of the peso against the greenback.