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The peso hit an 11-year low as it closed at P50 against the US dollar on Friday at the Philippine Dealing System.

It last crossed this level in Nov. 15 2006 when it finished at P50.09 Volume rose to $346.50 million from $187 million.

In a report, BDO said the peso’s weakness came after Federal Reserve Chairman Janet Yellen said the Fed is on course to raise interest rates.

But “chartwise, the week’s close at 50.00 still suggest the market to still trade within the 49.70 to 50.00 in the near term,” the report said.

Stocks declined as well. The Philippine Stock Exchange index closed at 7,244.79 points down 38.46 points. DMS