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Peso weakens further to 46.43 to $1
MANILA, Philippines — The peso weakened further against the dollar Thursday as snowballing jitters relating to the problematic US housing market prompted global investors to scramble out of emerging markets.
Intervention by the central bank, Bangko Sentral ng Pilipinas (BSP), tempered the peso’s freefall, currency traders said, but the peso still fell to 46.43 to the dollar from Wednesday’s finish of 46.23.
The peso hit an intra-day low of 46.70 to the dollar amid continued weakness in regional markets but closed nearer the day’s high of 46.41 as the BSP sold dollars to curb the currency’s sharp fall, traders said.
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