Philippine Central Bank Steps in as Peso Nears Key Level of 60

The Philippine peso weakened toward the key psychological level of 60 pesos per dollar, prompting the central bank to intervene to support the currency.

The currency fell as much as 0.4% to 59.95 per dollar on Monday to head for a record low. It briefly pared losses after Governor Eli Remolona Jr. said Bangko Sentral ng Pilipinas was intervening in the foreign-exchange market.