THE peso returned to an all-time low of P59 against the dollar on Thursday amid uncertainties over the pace of US Federal Reserve (Fed) rate cuts and mixed signals from local monetary authorities.
The currency weakened by 9 centavos to its lowest close in just over two years. It last hit P59:$1 on Oct. 17, 2022 — this close actually occurred four times that month — on concerns that the Bangko Sentral ng Pilipinas (BSP) had failed to keep up with aggressive Fed rate hikes to combat surging inflation.
