(Bloomberg) -- The Philippine peso weakened past the closely watched 57-per-dollar level for the first time since late 2022, putting pressure on the central bank to join emerging-market peers in supporting their beleaguered currencies.

The peso dropped as much as 0.5% to 57.29 per dollar on Wednesday, the lowest since November 2022. Governor Eli Remolona on the same day said the central bank tends to allow currency adjustments to happen unless the movements are very sharp. On Monday, he said he’s comfortable with the peso’s current level and that the central bank has hardly been intervening in the foreign-currency market.

Remolona described 57 as a “weak support level,” meaning it’s not a key focus for authorities. However, the level is still being watched as Remolona in September signaled officials were intervening to defend the peso there to prevent it from weakening further. 

“The central bank will need to smoothen volatility, at the very least,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp. in Manila. The next important support would be 57.70 per dollar, he said.

The US dollar has regained strength in recent days following the rise in Middle East tensions and as Federal Reserve Chair Jerome Powell signaled policymakers will wait longer than previously anticipated to cut rates following a series of surprisingly high inflation readings. 

Central banks across emerging markets have stepped up support for their currencies. South Korean officials ramped up their warnings over weakness in the won with Bank of Korea Governor Rhee Chang-yong describing recent moves as a little excessive.

(Updates to add central bank governor’s comment in second paragraph.)

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