Philippine peso to UAE dirham exchange rate hits high of P15.22 on July 7

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Philippine peso to UAE dirham exchange rate hits high of P15.22 on July 7

The Philippine peso reached more than P15 against the UAE dirham on Thursday (July 7), as the peso continued to sink to a record low against the US dollar.

The peso-dirham exchange rates ranged from P15.14 to as high as P15.22 at various money exchange companies in the UAE on Thursday morning. Against the dollar, the peso fell to P56.02.

Speaking to Expatmedia.net, a customer service representative at one of the oldest exchange companies in the UAE said their peso-dirham exchange rate hit P15.22 as of Thursday morning.

Meanwhile, at LM Exchange, a customer service representative said their exchange rate of P15.21 on Thursday is the “highest ever” this year. The peso started this year at P13.88 to Dh1.

At Orient Exchange, the exchange rate on Thursday morning was P15.15, up from P14.90 to the dirham on Wednesday.

The exchange rate is expected to change after 2pm based on market trends, but experts forecast that the peso will remain on a downtrend.

According to a Deutsche Bank forecast, the peso will remain on a downtrend over the next nine months. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the dip in the peso this year is the “worst” in the southeast Asian markets.

“Since the start of 2022, the peso’s depreciation of 7.4 percent is now the worst in Asean (Southeast Asian markets),” Ricafort said.

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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