MANILA, Philippines -- The peso dropped Wednesday back to the 45:$1 level amid concerns the pace of global economic growth has been slowing down.

The local currency closed at 45.235 against the US dollar, down from 44.91 the previous day. Intraday high stood at 44.96, while low hit 45.24.

Volume of trade slipped to $933.45 million versus the previous day's $1.104 billion.

Traders said the drop of the peso mirrored the decline of many Asian currencies, which took a beating amid perception that the recovery of the world economy could be losing some ground as the US, a major export market, has been having difficulty boosting its growth.

The US Fed decided on Wednesday to keep its rates at historic lows of zero to 0.25 percent, giving signs that the US economy still needed much more stimulus from the US government.