The local currency lost 49 centavos to close at an all-time low of 58.49, down from 58.00 on Wednesday. The drop followed a 52-centavo decline on Wednesday. Total trading volume reached $1.514 billion Thursday, up from $1.051 billion a day earlier. READ:
The local currency lost 49 centavos to close at an all-time low of 58.49, down from 58.00 on Wednesday. The drop followed a 52-centavo decline on Wednesday. Total trading volume reached $1.514 billion Thursday, up from $1.051 billion a day earlier.
The peso depreciated by 14.7 percent against the US dollar or a total of P7.491 since closing at 50.999 in 2021, said Ricafort.He said Fed rate estimates were rising in recent months, reflecting more aggressive adjustments in an effort to reduce US inflation from the 40-year high of 8.3 percent in August, after reaching an immediate high of 9.1 percent in June.
BSP Deputy Governor Francisco Dakila remained unfazed by the peso’s depreciation, saying the movement was expected as the US dollar gained strength “given the US Fed tightening.” He said other currencies in the region were also weakening against the greenback.