Freefalling peso hits ANOTHER record low

Bangko Sentral ng Pilipinas spent an estimated $80 million trying to support the peso after it hit a new low.

Tom Pettys Freefalling remains the anthem of the Philippine peso as it hit another record low of 45.840 on Wednesday, before surging up to its strongest intraday level of 45.480 when the Bangko Sentral ng Pilipinas BSP intervened with an estimated $80 million, according to a top level source who spoke to FinanceAsia.

The peso closed at 45.500 - stronger than Tuesdays close of 45.595. The BSP intervention reversed a 6-day freefall of the peso.

The BSP tried moral suasion yesterday by calling up the banks to sell dollars, reveals a treasury officer of a domestic bank. But in the end, the demand was great, and the dollar became expensive. BSP...

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