New peso low of Ps55.75 following controversial senate vote

The Peso hits new lows as an overnight rally of the anti-Erap groups followed a controversial Philippine Senate vote.
January 17, 2001
The overnight indignation rally of the anti-Erap groups at the historic EDSA Shrine following the late night vote of the Philippine Senate to suppress evidence in the impeachment trial of President Estrada sent the Philippine peso to another discouraging record low.

The peso has been breaching intraday records lately and almost every day the traders are expecting some record breaking drop each time the prosecution panel suffers a technical defeat at the impeachment hearing.

The peso opened with a stunning weakness at Ps55.500 compared to the previous days closing of Ps52.780 to the US dollar. This unprecedented overnight freefall of Ps2.72 reflected the panicking investors and traders following the controversial senate vote the...

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