Philippine Peso Drops Past Key 60-Per-Dollar Level on Oil Risk

The Philippine peso fell past the key level of 60 per dollar as elevated oil prices weigh on the country’s economic outlook.

The currency weakened as much as 1.5% to a record-low 60.40 per dollar on Thursday. Bangko Sentral ng Pilipinas said in a statement on Wednesday that intervention is “limited to tempering large swings that could affect inflation rather than defending any specific level.” BSP had signaled this week it had intervened earlier as the currency approached that level.