Peso slides to 58 to $1 for first time in almost 2 years

MANILA — The Philippine peso touched the 58-per-dollar level for the first time in almost two years during the morning trade on Tuesday.

As of 9:47 a.m., the local currency’s weakest showing stood at 58 against the greenback.

The last time that the peso was in this territory was on Nov. 10, 2022, when the local unit finished at 58.19 to $1.

Analysts said the 58-level is a critical barrier for the Bangko Sentral ng Pilipinas, which had been intervening in the foreign exchange market “in small amounts” recently to soothe any volatility.

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