THE PHILIPPINE currency has dropped to another all-time low ending the intraday trading at P62.605 for every US dollar.
Opening the Wednesday trading at P62.4, peso plunged to an intraday low of P62.605 per dollar surpassing the historic low of P62.4 for every American dollar.
Since tension re-escalated in the Middle East, the peso has been trailing at its weakest level against the US dollar, made worse by the hawkish US Federal Reserve signals.
The Bangko Sentral ng Pilipinas (BSP) hinted at managing sharp movements in the peso-dollar exchange rate, noting a weak currency’s inflationary impact.
