At a money exchange company in Dubai. Picture for illustrative purposes only.
PHOTO BY ARCHIVE
The Philippine peso on Tuesday (June 28) edged closer to P15 against the UAE dirham, a day after the peso reached P55 against the US dollar.
On Tuesday morning, peso-dirham exchange rates from various money exchange companies in the UAE ranged from P14.83 to as high as P14.89 per dirham. The peso started this year at P13.88 to Dh1.
“Since the start of 2022, the peso’s depreciation of 7.4 percent is now the worst in Asean (Southeast Asian markets),” said Michael Ricafort, chief economist of Rizal Commercial Banking Corp.
Against the US dollar, the peso settled at P54.68 on Tuesday, after it plunged to P55 on Monday. The last time the peso breached P55 to $1 was more than 15 years ago, or on October 25, 2005 at P55.15 to $1, Ricafort said. The peso started this year at P51 to $1.
Miguel Chanco, chief economist of UK-based research company Pantheon Macroeconomics, said there is “currency chaos” as currencies dipped in Asian economies, including the Philippines.
“Currencies in Asia have been pummeled in recent months, due in large part to the strong and persistent downward pressure that the post-Ukraine invasion spike in commodity prices has had on trade balances,” Chanco said. ICA/Expat Media
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