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Philippine peso closes at record low.

MANILA, Jan. 26 Kyodo

The Philippine peso closed at a record low of 55.85 to the dollar Monday over a combination of factors including the May presidential elections.

Traders attributed the fall to high anticipation of the Philippines sovereign ratings being downgraded over political worries ahead of the May elections.

The Central Bank said it would not intervene to prop up the peso.

Aside from the uncertainties on the political front, Astro del Castillo, director of the Association of Security Analysts of the Philippines, said the peso is also affected by the weakening of other currencies in the region.

This is further confounded by corporate demand for the dollar that outweighs local inflows, del Castillo said.

ANC television network's market analyst, Cilette Liboro, in a midday interview said the peso may fall to 56 to the dollar in the coming days.

''I think the fact that it broke a resistance level of 55.75 pesos and now is trading in new territory, the likelihood has increased that it will reach 56 pesos,'' Liboro said.
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Publication:Asian Economic News
Date:Feb 2, 2004
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