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 Interaksyon.com.