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The peso closed at At the Philippine Dealing System, the domestic currency reached an intraday low of The US Federal Reserve kept policy rate steady during its meeting last week, such that markets are betting it could eventually push through with a rate hike in December, soon after the presidential elections in November. Finance Secretary Carlos G.

Dominguez III told reporters that the peso was not the lone loser among currencies globally. There is still some debate if the cause of which is profit-taking, uncertainty over the Fed hike, or concerns on domestic stability. Since peaking in August, Papa Securities noted that investors had been net sellers to the tune of around 0.

Peso hits seven-year low | Inquirer Business

This developed as some analysts have turned critical over how Mr. Duterte was waging a war on drugs alongside some foreign policy jitters.

Bank of the Philippine Islands BPI economist Emilio Neri Jr. But in a statement, Finance Assistant Secretary Paola A. In a separate research note, BPI associate economist Nicholas Antonio T.

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Mapa said he expects the BSP leadership to smoothen the forex volatility. This represented roughly 4.

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In times of excessive peso appreciation such as in , Tetangco held the deluge of foreign funds to help defend the His virtue of building the defenses early on will pay dividends now that winter is here.

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