Peso Slumps to Lowest Rate in Five Years

The peso on August 12 fell to its lowest level against the U.S. dollar in the last five years on more hints of a possible hike in Federal Reserve rates next month. The local currency opened at P46 against the dollar, a big drop from the P45.70 yesterday. It traded between its opening level and P46.33. Volume of trade reached US$1.109 billion from the US$1.106 billion yesterday, reports