Peso slides to P48.22:$1 as jitters intensify

MANILA, Philippines - A sharp slide in Wall Street resulted in renewed weakness for the peso, which neared multi-month lows Tuesday. The local currency closed at P48.22:$1, 20 centavos weaker than Monday’s finish, drifting far from the P48:$1 territory breached last week when the exchange rate closed at a two-month low. Analysts said headwinds from mounting concerns over a deeper global economic slump would continue to drive the peso to fresh multi-month lows. The peso opened at its intraday high of P48.15:$1 and dipped to a low of P48.30. It averaged at P48.232:$1, with $676 million worth of dollars exchanged. - BusinessWorld