The Philippine peso on Tuesday fell to its weakest level against the US dollar since November 2004, amid the widening trade deficit and market jitters over more aggressive US Federal Reserve rate hikes. READ:
The local unit closed at P56.37 versus the greenback, the weakest since Nov. 5, 2004 when it closed at P56.38.nish on Monday, data from the Bankers Association of the Philippines showed.The peso touched its record low of P56.45The local currency is down 10.5% or P5.37 from its P51-per-dollar close on Dec. 31, 2021.Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso’s weaker performance was amid the record trade deficit on a monthly basis of $5.
The Bangko Sentral ng Pilipinas is facing pressure to accelerate monetary policy tightening to curb inflation, which neared a four-year high in June. The Monetary Board has raised benchmark interest rates by a total of 50 bps so far this year via 25-bp hikes at its May 19 and June 23 meetings, which brought the policy rate to 2.5%.
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