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Philippine peso drops to new record low at 58 against U.S. dollar

In spot trade on Wednesday, the Philippine peso reached a new low of P58 against the US dollar.

The peso opened lower at P57.70 compared to Tuesday’s record close of P57.40, traded between P57.70 and P57.91, and closed near its lowest intraday rate.

The volume on Wednesday also exceeded the $967 million mark from the prior session, reaching $1.0515 billion.

Exchange rate pressures have worsened since higher rates were favoring the US dollar.

Since closing at P50.99 at the end of 2021, the peso has lost P7, or 13.74 percent, of its value.

Spot market volatilities come from the market’s expectation that the Bangko Sentral ng Pilipinas (BSP) will further tighten the benchmark rate in the last three Monetary Board policy meetings for this year. BKM/ Expat Media


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