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(Bloomberg) — The Philippine peso weakened toward the key psychological level of 60 pesos per dollar, prompting the central bank to intervene to support the currency.
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The currency fell as much as 0.3% to 59.94 per dollar on Monday to head for a record low. It pared losses after Governor Eli Remolona Jr. said Bangko Sentral ng Pilipinas was intervening in the foreign-exchange market.
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“Since the dollar is down, I assume some intervention can push the peso back down below 60,” Remolona said in response to a Bloomberg query.
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The move underscores the vulnerability of the peso to rising energy costs, a key risk for investors tracking Philippine assets, as the country relies heavily on imported fuel. Brent crude rose more than 1% to about $104 a barrel, extending gains to a fourth day as the Iran conflict showed few signs of easing.
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“We maintain a negative view on the peso, driven by elevated oil prices, a deteriorating current account balance, and dovish expectations for BSP policy,” Wee Khoon Chong, a strategist at BNY, wrote in a note. “Technically, initial support is at 59, while 60 round figures serve as the next key resistance level.”
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Persistently high oil prices above $100 a barrel could trigger a rate hike, the governor had said in an interview with Bloomberg Television on March 6, before Brent crude surged past that level.
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Before the escalation of the Iran conflict, government and central bank officials had already flagged the 60-per-dollar level as a key threshold. President Ferdinand Marcos Jr. does not want the peso to weaken to 60 against the dollar, his press officer said in January. A day later, Remolona signaled the central bank could “probably” allow the currency to reach that level if there were no sharp market moves.
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—With assistance from Matthew Burgess and Ditas B Lopez.
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English (US)