Philippine Peso Drops Most in Asia as Calls for Rate Cut Build
- Peso approaches key 58-per-dollar level as it drops 0.7%
- Economic growth was weaker than expected last quarter
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The Philippine peso fell the most in Asia as expectations for an interest-rate cut mounted following the release of weak economic growth data last week.
The peso lost as much as 0.7% to 57.81 per dollar on Monday, compared to declines of about 0.2% for the Indonesian rupiah and Malaysian ringgit. The losses brought the currency closer to the 58 level, which is seen as the latest line in the sand for the central bank to defend.