MANILA, Aug 22 (Reuters) - Philippine Finance Secretary Carlos Dominguez said on Tuesday the authorities were not worried about the peso’s weakness, but were monitoring the speed at which it moves against the U.S. dollar.
The peso hit an 11-year low on Friday but opened slightly firmer on Tuesday at 51.45 versus its close on Friday at 51.49.
“It is not so much the rate of change that we are looking at but the speed by which the currency moves,” Dominguez told reporters.
“If the speculation gets too much, I think the speculators will get hurt.”
The Philippine central bank on Monday warned traders that it would intervene in the currency market to curb speculation, adding that it expects the peso to stabilise following its sharp slide.
Philippines markets were closed on Monday for a public holiday. (Reporting by Enrico dela Cruz; Editing by Eric Meijer)