Peso breaches P46 territory

The peso continued to go down on Friday, an offshoot of the weakening global market fueled by Europe's financial woes. The peso closed 51 centavos lower against the greenback at P46.50 from P45.99 on Thursday, its lowest since November 18, 2009 when it closed P46.78 against the US dollar. "There is no good way to explain it. It's a risk scenario when everyone throws out whatever options open. It doesn't matter what the price is, they just throw it out. But I agree with all the analyses that this is going to be temporary, but as to when and at what level, we don't know. There is no such thing as a level right now," a trader with one of the country's leading banks told GMANews.TV on Friday. The peso opened at , and did not go higher than, P46.18 to a dollar, and went as low as P46.52. Trade was brisk at P1.52 billion, with morning volume reaching P934.8 million and afternoon volume hitting P580.8 million. -- GMANews.TV