INQUIRER FILE PHOTO
MANILA, Philippines—The Philippine peso on Tuesday further slid to its weakest against the US dollar since May, closing at P44.230:$1 from P44.180:$1 last Monday.
At the Philippine Dealing System, the local currency hit an intraday high of P44.360:$1 and a low of P44.120:$1.
The total volume traded reached $1.032 billion, up from Monday’s $728.700 million.
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. explained on Tuesday that the weakening peso, alongside other currencies in the region, reflected expectations of “more hawkish” statements from the US Federal Reserve, which has scheduled a meeting this week.
The US Federal Reserve is expected to tackle further changes in US monetary policy, which observers see as shifting from tapering to increases in policy interest rates in 2015.