Security Bank chief economist Robert Dan Roces said that dollar demand also contributed to the weakening of the peso “with the start of the import season.“ Ricafort said expectations of higher interest rates in the US led to a stronger dollar against global, Asian, and Southeast Asian currencies. chief economist Michael Ricafort attributed the peso’s plunge to “expectations of a large 0.75-1.00 Fed rate hike on Septemthat favors the US dollar in terms of higher interest rate earnings” after the US consumer price index rose 8.3% in August. This is the sixth time that the Philippine currency nosedived to its all-time weakest.įriday’s finish surpassed the previous all-time low of P57.18:$1 recorded on Septemthe peso’s fifth straight day of sinking to fresh record-lows.
The local currency lost 27 centavos to close at P57.43:$1 from Thursday’s finish of P57.16:$1. The Philippine peso plunged to a new record low against the US dollar on Friday amid expectations of more aggressive monetary policy tightening by the US Federal Reserve to tame inflation in the world’s largest economy.
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