Peso falls to all-time low of 56.77 per US dollar

A worker shows Philippine peso bills inside a money changer in Metro Manila, Philippines. REUTERS/Dondi Tawatao/File photo

The Philippine peso sank to its all-time low of 56.77 per US dollar, as the greenback’s rally ravaged currencies across the globe.

The local currency also posted a new intraday weakest position of 56.90:$1 as markets worldwide anticipate further interest rate hikes by the United States Federal Reserve.

Higher interest rates are making the US market even more attractive to the international investors, especially those that buy debt instruments.

This, in turn, is further heating up demand for the US dollar at the expense of other currencies elsewhere, including the Philippine peso.