Peso hits intraday low of P54.28:$1 before rallying

September 24, 2018

The Philippine peso closed to its lowest level in nearly 13 years on Monday, three days before the central bank's policy-making body will decide to increase interest rates.

The peso hit a low of P54.28 against the US dollar past noon, it lowest since December 2, 2015, before it rallied to close at P54.23, down 19 centavos from Friday's close.

Volume at the Bankers Association of the Philippines' foreign exchange portal rose to $670.6 million from Friday's $699.9 million.

The Philippine Stock Exchange index rose 50.61 points to 7,433.61. DMS