MANILA, Oct. 23 (Xinhua) -- The Philippine peso fell further, closing at 63.615 pesos per U.S. dollar on Friday, marking its 31st all-time low this year, according to data from the Bankers Association of the Philippines.
The Bangko Sentral ng Pilipinas (BSP), the Philippines' central bank, raised its benchmark overnight reverse repurchase rate by 50 basis points to 5.50 percent on Thursday.
BSP Governor Eli Remolona Jr. said the hike reflects a forecast that inflation will accelerate further in the coming months due to oil prices, transport fares, and the potential effects of El Nino on food prices. ■
