The Philippine peso closed at a new all-time weakest position of 58:$1 as expectations of rising interest rates in the US further firm up the greenback at the expense of other currencies.
The local currency opened trading at 57.70:$1 which was already weaker than the previous day’s closing of 57.48:$1, and lost 52 centavos to close at the same level as its intraday weakest.
The United States Federal Reserve is holding their latest policy meeting on Sept. 20-21, through which the American central bank is widely expected to further raise the benchmark interest rate by 0.75 percentage point.
The continued rise of US interest rates has pushed the American currency at its strongest position in decades as rising yield on US debt instruments jack up demand for the greenback.