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Risk aversion drives peso to two-month low.
Byline: Maria Eloisa I. Calderon
The peso yesterday dove into a two-and-a-half month trough against the dollar as a British bank announcement of a record loss for 2008 heightened uncertainties over the health of the global financial system.
The local currency broke the crucial P48.30 per dollar barrier to close at P48.39 per dollar, its lowest since Dec. 9, traders said. It closed at P48.13 per dollar the day before.
Traders blamed risk aversion for the peso's sharp plunge. Jittery investors ran to the safety of the dollar amid a worsening corporate earnings outlook in the US and the Eurozone, they said.
The Royal Bank of Scotland reported a …
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