US dollar continues to gain strength 

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. observed that the dollar appreciated following the Federal Reserve's indication of a delayed easing of interest rates.

Remolona's comments came as the peso weakened further, surpassing the 58 to a dollar mark in Tuesday morning trading.

"The peso depreciated beyond 58 to the US dollar today, mirroring the trend seen in other regional currencies," Remolona stated.

He attributed the dollar's continued strength to the Federal Reserve's announcement of postponing interest rate cuts. Federal Reserve officials have reiterated that rate cuts will be deferred until inflation aligns with their 2-percent target.

Remolona reassured that the BSP is actively monitoring the foreign exchange market, allowing it to operate freely without targeting a specific exchange rate.

"However, the BSP will intervene when necessary to mitigate excessive volatility and maintain market order during stressful periods," he added.