Philippine peso sinks to new record low

MANILA, Sept. 27– The Philippine peso slid to a new record low against the U.S. dollar for the fifth straight trading day, closing at 58.99 pesos on Tuesday, according to data from the Bankers Association of the Philippines. The peso weakened following the U.S. Federal Reserve’s sharp interest rate increase overnight, which caused the dollars to rally.

MANILA, Sept. 27 (Xinhua) — The Philippine peso slid to a new record low against the U.S. dollar for the fifth straight trading day, closing at 58.99 pesos on Tuesday, according to data from the Bankers Association of the Philippines.

The new record breached the 58.50 pesos recorded on Sept. 23. Trading was suspended on Monday due to the powerful typhoon.

The peso has depreciated by over 15 percent to the greenback since trading at 50.999 pesos to the dollar at the end of 2021.

The peso weakened following the U.S. Federal Reserve’s sharp interest rate increase overnight, which caused the dollars to rally.

Some analysts have expressed their concerns about a continuing depreciation of the peso due to the “aggressive” monetary policy by the U.S. Fed. Enditem