Philippine Peso Weakens Toward Record Low on Rate Cut Bets
This article is for subscribers only.
The Philippine peso dropped toward the psychological milestone of 59 per dollar, close to setting a fresh record low, as expectations for imminent easing hurt its appeal relative to regional peers.
The peso slipped 0.2% to 58.99 on Wednesday, bring its slump this year to about 6%. Pressure is growing as the central bank is expected to lower the key interest rate by 25 basis points on Thursday, according to a Bloomberg survey.