The Philippine peso fell to its lowest level in 18 months at 58.27 per dollar due to the Federal Reserve signaling a delay in easing interest rates.
The Philippine peso fell to its lowest level in 18 months, breaching the 58-per-dollar mark, as the Federal Reserve signaled a delay in easing interest rates. The peso closed at P58.27 per dollar on Tuesday, weakening by 37 centavos from its P57.90 finish on Monday, and marking its weakest close since November 8, 2022. The Bangko Sentral ng Pilipinas (BSP) will allow the market to determine the foreign exchange rate but will intervene when necessary to smoothen volatility, BSP Governor Eli Remolona said in a statement. The peso's depreciation followed Remolona's remarks last week that the central bank could ease rates as early as August.
May 21, 2024
8 Articles