Philippine peso hits fresh record low as markets eye BSP rate decision
The peso slipped to a new historic low, trading at 63.361 per dollar, while traders await the Bangko Sentral ng Pilipinas' next policy move.
On Wednesday the Philippine currency weakened by 27.1 centavos to close at 63.361 against the US dollar, marking another record trough. The decline was driven by expectations that the US Federal Reserve will adopt a more hawkish stance, strengthening the dollar. Investors are now focused on the upcoming policy rate setting by the Bangko Sentral ng Pilipinas, which could influence the peso's trajectory.
Why it matters
A weaker peso raises import costs and inflation risks for Filipinos, while the BSP's rate decision will affect the country's economic outlook.
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