MANILA, Philippines — The Philippine peso weakened past the 64-per-dollar level for the first time on Tuesday, extending its record-breaking slide as investors braced for a busy week of major central bank decisions. At the same time, concerns over the domestic economy’s growth outlook and persistent inflation linger.
The currency touched an intraday low of 64 against the greenback as of 11:03 a.m., data from the Bankers Association of the Philippines showed.
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The latest decline came despite the Bangko Sentral ng Pilipinas’ (BSP) recent half-percentage-point rate hike, its strongest move in years, as policymakers seek to rein in red-hot inflation.
Five major central banks will announce their policy decisions later this week: the US Federal Reserve, the European Central Bank, the Bank of Japan, the Bank of Canada, and the Reserve Bank of New Zealand.
Rising oil prices are adding to inflationary pressures, complicating the policy outlook as investors assess the risk of further rate increases and their implications for global growth. /pai