Peso slides further vs dollar, now at P50.670

MANILA — The peso weakened further against the US dollar at 50.670on Thursday, still close to an 11-year low after the peso closed at 50.600 the day before.

Opening at 50.530 at $1, slightly stronger thanWednesday’sclose, the local currency had an intraday low of 50.695 and a high of 50.530 at the Philippine Dealing System.

Total volume traded dropped to $430 million from $507 millionon Wednesday.

Bangko Sentral ng Pilipinas (BSP) Gov. Nestor Espenilla attributed the latest peso movements to “prevailing market conditions and underlying economic fundamentals, in line with the BSP’s exchange rate policy.”

“A major driver is sentiment for a stronger US dollar as the Fed mov…

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