The Philippine peso has experienced significant depreciation, closing at P58.27 against the US dollar on Tuesday, May 21, 2024, after falling past the key 58-per-dollar level. This marks an 18-month low for the currency, putting pressure on the Bangko Sentral ng Pilipinas (BSP) to intervene. BSP Governor Eli Remolona Jr. stated that the central bank will participate in the market when necessary to smoothen excessive volatility and restore order during periods of stress. The peso's decline follows its close at P57.9 against the US dollar on Monday, May 20, 2024, and brings it closer to its record-low of 59.
As the peso fell beyond P58 to $1 today, BSP Governor Eli Remolona Jr. said that the central bank “will participate in the market when necessary to smoothen excessive volatility and restore order during periods of stress.” | via @lanceyu_ https://t.co/w50K8JuDiw
The Philippine peso closed at P58.27 against the US dollar on Tuesday, May 21, 2024. https://t.co/6GZDQUa1Og https://t.co/np9HZLFmGY
The Philippine peso dropped past the key 58-per-dollar level, putting it closer to its record-low of 59 The question is: will it go there? What do you think? Will BSP tolerate some more weakness or will there be another massive intervention? https://t.co/FkQ8MQxkbz
BREAKING: Philippine peso falls to 18-month low against dollar. https://t.co/Tdm9Z6FuSg
The Philippine peso dropped past the key 58-per-dollar level, putting pressure on the central bank to step up efforts to support the currency https://t.co/CNVlEi4DXG
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The Philippine peso closed at P57.9 against the US dollar on Monday, May 20, 2024. https://t.co/6GZDQUa1Og https://t.co/nByE58Ex7W