Currencies
Philippine Peso Support at 58 Seen Holding as BSP Pushes Back
- BSP in the past has set limits of tolerance for peso weakness
- Peso has rebounded as BSP said it’s ready to curb volatility
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The Philippines’ latest line in the sand for the peso appears to have settled halfway between its previous two, with 58 per dollar the new level to defend for the central bank.
The currency is just shy of that level after its slump to a 17-month low last month. The plunge prompted Bangko Sentral ng Pilipinas Governor Eli Remolona to warn that authorities stand ready to manage any unnecessary movement and excessive volatility in the currency.