Peso tumbles after Singapore eased policy

 

The Philippine peso tumbled against the greenback on Thursday, joining a regional trend after the Singapore central bank eased its policy and set a zero appreciation rate for the Singapore dollar.

The local currency lost 14.5 centavos to close at P46.230:$1 from Wednesday’s 46.085.

“In Asia, regional currencies were down after comments from Singapore that they will have a zero appreciation policy,” said Josef Paolo Reyes, foreign exchange trader at the Development Bank of the Philippines.

Singapore’s central bank announced it will ease its policy to guide the Singapore dollar essentially flat. It also issued a downbeat assessment of its economy, according to a report by Reuters. – VDS, GMA News