Peso weakens back to 56:$1 level

The peso slumped further against the dollar yesterday, piercing the 56 to $1 level, amid the volatility in the foreign exchange (forex) markets due to developments abroad.

- Keisha Ta-asan

The local currency depreciated by 27.5 centavos to close at 56.245 to $1 from Monday's 55.97 to $1. The last time the peso closed at the 56 to $1 level was on Sept. 12, when it hit 56.20 to $1.

The peso opened weaker at 56.05 versus the greenback.

It hit an intraday-best of 55.97 before losing steam to reach its worst showing at 56.33.