Peso breaches P63:$1 level further

The Philippine peso further weakened against the US dollar, breaching the P63:$1 level and hitting a fresh historic low during intraday trading on Friday.

The local currency hit an intraday low of P63.23:$1 and a high of P63:$1 after opening at P63.03:$1.

The peso closed at a new all-time low of P63.06:$1 on Thursday, amid a “series of unfortunate events” such as the probability of a rate hike in the United States and intensified tensions in the Middle East.

Locally, the Monetary Board of the Bangko Sentral ng Pilipinas is scheduled to meet next Thursday, October 22, to discuss whether current conditions warrant a change in monetary policy rates.

The central bank has so far raised rates by a cumulative 75 basis points this year, bringing the target reverse repurchase rate to 5.0%, the overnight deposit rate to 4.5%, and the overnight lending rate to 5.5%.—AOL, GMA News