Peso breaches P53:$1 level

THE Philippine peso continued to weaken on Wednesday, breaching the P53.09:$1 level in morning trade.

The local currency opened at P53 to the dollar, five centavos weaker than the closing rate of P52.95:$1 on Monday.

Analysts said earlier this week that geopolitical developments and worries over an expected US interest rate increase announcement were weighing down the local currency. MAYVELIN U. CARABALLO



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