Peso hits 10-yr. low at P50:$1

The peso hit a 10-year low against the dollar at P50:$1 during the morning session on Thursday.

"The US dollar traded higher overnight versus most currencies, and the Philippine peso weakened in line with that," Security Bank Executive Vice President and Head of Treasury Raul Pedro told GMA News Online.

The peso plumbed an intra-day low of 50:$1 and a high of 49.94 after it opened at 49.65, data from the Philippine Dealing System showed Thursday. It was the lowest for the Philippine currency since November 11, 2006 when it traded at P50.12 to a dollar.

"The US dollar traded higher as the minutes of the recent FOMC (Federal Open Market Committee) meeting were released, and it validated the view that the Fed will most likely raise rates in their upcoming December meeting," Pedro said.

Minutes of the Fed's Nov. 1-2 meeting, the last one ahead of the election, were released on Wednesday and showed the central bank was gearing up to raise rates, according to a Reuters report.

At the same time, US data on Wednesday showed new orders for US manufactured capital goods rebounded last month while consumer sentiment rose this month following Donald Trump's election which many viewed as positive for their personal finances and the economy, Reuters noted in a separate article. — VDS, GMA News