PESO DIVES TO P46.50=$1
Manila, Jan. 8, 1998 - The Philippine peso opened low at P46.50 to the dollar yesterday, after the central bank raised the overnight borrowing rate to 12 % from 11 percent.
The peso received support from a plan under which commercial banks would offer non- deliverable forwards to help companies hedge their dollar-denominated debts against further falls in the peso without having to buy dollars right now.
The peso recovered a bit at day's end to P45.05 to the dollar.
Reported by: Sol Jose Vanzi
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