The Philippine central bank is selling dollars in the market to support the struggling peso, traders said on Thursday.

“The central bank is selling dollars to support the peso, from 47.28 to 47.29 (per dollar),” said a trader in Manila.

A second trader said the central bank was trying to prevent the peso from falling below the 47.30 level.

The peso fell as low as 47.29 to the U.S. dollar on Thursday as investors dumped local stocks as the global financial turmoil deepened.

Source: http://www.afxnews.com

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