MANILA, Philippines — The peso sank to a fresh near 13-year-low against the dollar on Tuesday, beating its record set just the previous day, ahead of a crucial meeting of the Bangko Sentral ng Pilipinas on Thursday. The local currency closed 54.31 against the greenback, losing eight centavos from 54.23 close on Monday trading. This was the peso’s weakest finish in nearly 13 years since it closed at P54.425 against the dollar on Nov. 22, 2005. Policymakers have been battling soaring inflation at nearly a decade high this year, and a weak peso, which makes imports more expensive, contributes to rising prices. Analysts have pegged at least an increase of at least 25 basis points on BSP's policy rate, currently standing at 4 percent, on Thursday.

Source: Philippine Star September 25, 2018 13:07 UTC