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Peso falls to 12-year low; Dhs to PhP now at 14.24

The Philippine peso plunged further to its weakest level in almost 12 years on Wednesday, closing at P52.47 per $1.

This is the weakest currency rate against dollars since July 19, 2006, with P52.74 per $1.

Meanwhile, latest exchange rate of UAE dirham to Philippine peso is at 14.2441, as per the Bangko ng Sental refence exchange rate bulletin today.

Land Bank of the Philippines said the decline is attributed to geopolitical issues overseas.

The dollar has been strengthening on the back of higher US bond yields, which have dampened financial markets.

The Philippine peso started at P52 per $1 level in February this year due to a widening trade deficit, and is described as Asia’s worst-performing currency this year.

BSP

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