Peso tumbles to 53.955 to dlr

Asian Economic News, July 23, 2001

MANILA, July 17 Kyodo

The Philippine peso tumbled Tuesday to a six-month low of 53.955 against the U.S. dollar before closing at 53.950, Bankers Association of the Philippines data showed.

The rates are the lowest recorded since President Gloria Macapagal-Arroyo assumed the presidency Jan. 20.

The peso opened at 53.840 and traded between 53.710 to 53.955 before ending at 53.950. It closed at 53.710 Monday.

Traders attributed the weakness of the peso to domestic economic and security concerns, the weakness of other Asian currencies and a tight dollar supply.

Total volume traded remained thin at $49.5 million, off

from $50.4 million traded Monday.

The local currency reached its all-time low of 55.750 Jan. 17, just days before then President Joseph Estrada was ousted from office in a ''people power'' uprising.

The peso quickly recovered to 47.500 on Jan. 22, the first trading day under the Arroyo administration. The currency, however, continued to slip amid domestic political turbulence and kidnapping of foreign tourists by Muslim bandits.