Peso slides to 58 to $1
MANILA — The Philippine peso weakened beyond 58 to a dollar for the first time in almost two years during the morning trade on Tuesday.
This, according to Bangko Sentral ng Pilipinas Governor Eli Remolona Jr, was in line with other currencies in the region.
“The dollar continued to strengthen as the Federal Reserve signaled delay in cutting rates,” Remolona said.
“The BSP continues to monitor the foreign exchange market but allows the market to function without aiming to protect a certain exchange rate,” he added.
“Nonetheless, the BSP will participate in the market when necessary to smoothen excessive volatility and restore order during period of stress,” according to the central bank chief.
From 58 to a dollar as of 9:47 a.m., the local currency further weakened later to 58.2 to $1.
READ: ‘Forceful’ BSP defense seen if peso slides to 58:$1
Analysts said the 58-level is a critical barrier for the Bangko Sentral ng Pilipinas, which had been intervening in the foreign exchange market “in small amounts” recently to soothe any volatility.