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Jessica Fenol

ABS-CBN News

<div> </div>MANILA (2nd UPDATE) - The Philippine peso depreciated further on Tuesday and closed at P58.27 to the dollar.  This was the peso&#x27;s lowest level against the dollar since it touched P58.275 on November 8, 2022, <span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">according to data from the Bankers Association of the Philippines.   Bangko Sentral ng Pilipinas Gov. Eli Remolona the peso&#x27;s depreciation was in line with other currencies in the region. &quot;The dollar continued to strengthen as the Federal Reserve signaled delay in cutting interest rates. The BSP continues to monitor the foreign exchange market but allows the market to function without aiming to protect a certain exchange rate.&quot; &quot;Nonetheless, the BSP will participate in the market when necessary to smoothen excessive volatility and restore order during periods of stress,&quot; Remolona said in a statement. Regina Capital Development Head of Sales Luis Limligan said the BSP has hinted at an interest rate cut but it is also wary of its impact on growth.  &quot;I think they want to stimulate growth so that we can hit about the 6 percent mark, but it might hit the currency because of the interest rate differential,&quot; Limlingan told ANC.Since the start of the year, the peso has lost P2.60 or around 4.7 percent to the greenback. The peso&#x27;s depreciation makes imports, such as crude oil and rice, more expensive, as more pesos are needed to be converted to dollars to buy these goods. For families of OFWs however, dollar remittances fetch more pesos.

The Philippine peso touched P58.15 to a dollar on the morning of May 21, according to the data from the Bankers Association of the Philippines.

The Philippine peso touched P58.15 to a dollar on the morning of May 21, according to the data from the Bankers Association of the Philippines.

Peso depreciates to P58.27 to US dollar on May 21

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Peso depreciates to P58.27 to US dollar on May 21

Jessica Fenol,

ABS-CBN News

Published May 21, 2024 10:17 AM PHT

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Updated May 21, 2024 04:42 PM PHT

Read More:

peso-dollar

forex

BSP

peso depreciation

strong dollar

Eli Rmeolona

Luis LImlingan

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