Peso sinks to new intraday low, nears halfway to ₱64:$1 on dampened investor confidence
The Philippine peso reached a new intraday low against the US dollar due to dampened investor confidence and geopolitical uncertainties. Economists suggest that upcoming interest rate hikes by the central bank may be necessary to stabilize the currency.
Why it matters
Currency devaluation impacts national inflation, import costs, and the overall economic stability of the Philippines.
Manila Bulletin - Peso sinks to new intraday low, nears halfway to ₱64:$1 on dampened investor confidence
Peso sinks to new intraday low, nears halfway to ₱64:$1 on dampened investor confidence
Dampened investor sentiment over the Philippines' external position inflicted serious damage on the Philippine peso, pushing it almost halfway to ₱64 per dollar during Thursday's trading session and raising the risk of breaching the threshold should oil prices stay elevated and the dollar continues to rally.
Dampened investor sentiment over the Philippines’ external position inflicted serious damage on the Philippine peso, pushing it closer to ₱64 per United States (US) dollar during Thursday’s trading session and raising the risk of breaching the threshold should oil prices stay elevated and the dollar continues to rally.
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