Peso sinks to another record low of ₱63.615:$1 as speculators test BSP tolerance
The Philippine peso has hit a new record low of ₱63.615 against the US dollar as speculators test the central bank's tolerance. BSP Governor Eli M. Remolona Jr. maintains that interest rates will not be used to defend the currency, focusing instead on preventing inflationary swings.
Why it matters
Currency depreciation impacts national inflation and purchasing power, signaling potential economic instability in emerging markets.
Manila Bulletin - Peso sinks to another record low of ₱63.615:$1 as speculators test BSP tolerance
Peso sinks to another record low of ₱63.615:$1 as speculators test BSP tolerance
Speculators could be testing the Bangko Sentral ng Pilipinas' (BSP) tolerance for peso depreciation, as the Philippine currency plunged to a fresh record low of ₱63.615 against the United States (US) dollar.
Speculators could be testing the Bangko Sentral ng Pilipinas’ (BSP) tolerance for the peso’s depreciation, as the Philippine currency plunged to a new record low of ₱63.615 against the United States (US) dollar.
The peso slid to a fresh historic-low close against the greenback on Friday, Oct. 23, from the previous record low of ₱63.52 last Thursday, Oct. 22.
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