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The stock market plunged deeper in the red, falling back to the 6,400 level due to economic concerns, while the peso weakened to near all-time low against the dollar.

THE Bangko Sentral ng Pilipinas (BSP) will still likely start cutting interest rates this year, but the timing has become more critical given the peso's recent decline, analysts said.

(Bloomberg) -- The Philippine peso dropped past the key 58-per-dollar level, putting pressure on the central bank to step up efforts to support the currency.Most Read from BloombergHims Debuts $199 Weight-Loss Shots at 85% Discount to WegovyIran State TV Says ‘No Sign of Life’ at Helicopter Crash SiteJamie Dimon Says Succession at JPMorgan Is ‘Well on the Way’One of the Last Big Bears on Wall Street Turns Bullish on US StocksFlorida’s 125% Surge in Property-Insurance Bills Sows HavocThe peso fel

The peso pierced the 58 to $1 level yesterday, weakening by 37 centavos to close at 58.27 from 57.90 last Monday, due to delayed rate cuts from the US Federal Reserve, the Bangko Sentral ng Pilipinas said.

Local and foreign analysts are divided on whether the Bangko Sentral ng Pilipinas (BSP) has room to cut ahead of the US Federal Reserve, as doing so may put pressure on the peso.