Philippine peso at 7-year high against dollar
The Philippine peso rose to its highest level in seven years against the dollar Monday, dealers said, with the currency's strength seen as a potential problem for the nation's economy.
The peso hit 44.42 to the dollar in early trade, its highest level since July 2000, having closed at 44.75 last Friday.
Its strength reflected overseas inflows and greenback weakness, dealers said.
A stronger peso may make exports, which comprise about 43 percent of the Philippine economy, less competitive.
The Philippine central bank cut interest rates by a quarter-point last week, which some experts said was designed to make the peso less attractive to international investors and curb its strength.