MANILA, Feb 21 (Reuters) - The Philippine central bank reiterated on Tuesday it was prepared to act to keep excessive swings in the foreign exchange market in check.
The Philippine peso hit a fresh 10-year low of 50.34 per dollar on Tuesday, extending its losses after it breached key technical support at 50.00 against the greenback the previous day.
Market positioning and demand were among the factors behind the peso’s movement, Bangko Sentral ng Pilipinas Governor Amando Tetangco said in a mobile text message, adding these were part of a “healthy vibrant market”.
“This is not to say we will stand back when we see that movements are disruptive or excessive,” Tetangco said.
The Philippine peso is down more than 1 percent on the U.S. dollar so far this year, making it the region’s worst performing currency. (Reporting by Karen Lema; Editing by Sam Holmes)