Peso falls deeper to 58.49: $1 | Inquirer Business

Peso falls deeper to 58.49: $1

/ 04:35 PM September 22, 2022

The Philippine peso fell yet again to a new all-time weakest position against the US dollar at 58.49:$1, after the US Federal Reserve announced another large interest rate hike of 0.75 percentage point that further strengthened the greenback.

The local currency traded on Sept 22 at as weak as 58.50:$1, eventually losing 49 centavos to the US dollar from the previous day’s closing of 58:$1.

ADVERTISEMENT

According to ING Bank, the dollar broke new ground in terms of strength against other currencies following the hawkish move by the American central bank.

“With the Fed set to hike a further 100-125 basis points [one ppt to 1.25 ppt] this year, this all points to an even stronger dollar,” ING Bank said.

FEATURED STORIES

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: depreciation, dollar, interest rate hike, Peso
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.