The local currency lost 35 centavos from Thursday’s finish of P56.42:$1 to close at P56.77:$1 on Friday.
This is a new record low for the local unit, surpassing the earlier all-time low of P56.45:$1 on October 14, 2004.
The peso also registered an intraday low of P56.90 before closing at P56.77.
The local currency has shed P5.771 or 11.3% since the start of 2022, against the P50.999:$1 as of end-2021.
Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the local unit’s weakness to “the stronger US dollar versus major global currencies and the benchmark 10-year US Treasury yield at a new two-month high of 3.25% amid more hawkish Fed signals recently to bring down elevated inflation.”
Reuters reported on Wednesday that Fed chair Jerome Powell’s hawkish remarks about keeping monetary policy tight “for some time” dashed hopes of more modest interest rate hikes.
HELPFUL ITEMS YOU CAN USE TO SAVE MONEY!
Here’s my list of useful items for you to save or earn money wisely:
Ricafort said the next resistance for the peso is the “psychological” P57.00:$1.
Interest rates are among the tools used by central banks to stabilize inflation through controlling the money supply by raising borrowing costs.
Higher borrowing costs could make consumers and businesses spend less, thereby reducing economic activity or lowering demand and eventually lowering prices.
Acknowledgement: This article is sponsored by Usapang Hanapbuhay.
php to usd usd to php dollars to peso  dollar to peso forecast us dollar to philippine peso history philippine peso exchange rate bdo dollar to peso dollar to philippine peso exchange rate today metrobank dollar rate today usd to php daily bsp exchange rate usd to php  usd to php forecast usd to php today usd to php bdo usd to php daily usd to php bpi usd to php drop usd to php yesterday usd to php coingecko  philippine peso to usd philippine peso to euro philippine peso sign philippine peso value philippine peso falling philippine peso to inr us dollar to philippine peso history why is philippine peso going down