Peso continues to weaken, records new all-time low at P59 against USD
The Peso continues to weaken with a record low of P59 against the US dollar (USD) on Monday from P58.97 last Friday.
The local currency plummeted by 13 per cent this year making the Philippines among the worst-performing countries in Asia.
According to ING Groep NV Bank of the Philippine Islands and eMBM Services the Philippine Peso could possibly dip to a historic low of P62 versus the USD.
In July, the Bangko Sentral ng Pilipinas (BSP) implemented a 75-basis point off-cycle interest rate hike ahead of its scheduled meeting. So far, the BSP raised the benchmark rate to 4.25 percent to cool down inflation.
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