Philippine central bank: Peso 'manageable' despite drop

A Philippines Peso note is seen in this picture illustration June 2, 2017. (Reuters file photo)

MANILA -- Philippine central bank Governor Nestor Espenilla said the peso will trade within "manageable levels" with a flexible exchange rate policy. The currency extended declines.

“We are comfortable that economic fundamentals are alright and that the exchange rate will remain within manageable levels,” Mr Espenilla said in an interview with Bloomberg Television’s Haidi Lun on Friday. “We let the exchange rate be determined by market conditions.”

The peso, falling to an 11-year low as it was dragged by regional weakness on concerns over North Korea’s nuclear threats, extended declines and fell as much as 0.6% to 51.08 per dollar after the governor’s comments.

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