Peso – Dollar exchange rate in 2008
December 27, 2008
Past performance is definitely not a guarantee of future results.
In 2007, the Philippine Peso was Asia’s best performing currency, up 18.8% against the US Dollar, closing at P41.28 at the end of the year.
In 2008, this situation has reversed. The peso is now one of the worst performing currencies in Asia, closing at P47.52 to the dollar in December 24, the last trading day of the year. This is a 15% decline from the P41.28 level at the beginning of 2007.
Peso-Dollar Exchange Rate, end-2008: P47.52 : $1
Peso-Dollar Exchange Rate, end-2007: P41.28 : $1
Peso depreciation vs. US Dollar in 2008: 15.12%
Interestingly in January 2008, several financial analysts predicted that the peso will continue to strengthen in 2008. Most predicted that the peso will hover below the P40 mark, with CitiGroup even reporting that the peso may strengthen to P37.50. This prediction, we now know, failed, in the same way Citigroup failed in predicting the extent of the impact of the subprime mess it will have on them.
What’s your prediction of the peso in 2009? Will the peso appreciate or depreciate versus the dollar? At what exchange rate do you think the peso will stabilize?
Post your predictions below and we’ll see next year if you’re better than professional financial analysts in terms of predicting the Peso-Dollar exchange rate.
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