THE PESO plunged to a new record low of P58 on Wednesday as the dollar remained strong on expectations of a huge rate hike from the US Federal Reserve overnight. READ
Analysts said the Philippine central bank may likewise need to be more aggressive to support the local currency and reduce its depreciation’s impact on domestic inflation.nish on Tuesday, Bankers Association of the Philippines data showed.Just for this month, the peso has lost 3.3% or P1.855 in value versus the greenback so far from its Aug. 31 close of P56.145 as the dollar hit new highs following Fed Chief Jerome H.
“The peso’s weakness was caused by broad dollar strength as Fed is expected to hike rates by 75 bps,” a second trader said in a Viber message. With the dollar’s strength causing the peso to hit a fresh all-time low, the Bangko Sentral ng Pilipinas may need to deliver a larger rate hike at its Thursday meeting to keep ination expectations anchored, former Philippine central bank deputy governor Diwa C. Guinigundo said.
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