Philippine peso sinks to new record low at 58.50 to USD


MANILA (Xinhua): The Philippine peso slid anew to a record low against the US dollar for the fourth straight day, closing at 58.50 pesos on Friday (Sept 23), according to data from the Bankers Association of the Philippines.

The new record breached the 58.49 pesos recorded on Thursday, the tenth time the Philippine currency fell to an all-time low, depreciating by over 13 percent.

The peso weakened following the U.S. Federal Reserve's sharp interest rate increase overnight, which caused the US dollars to rally.

Some analysts have expressed their concerns about a continuing depreciation of the peso due to the "aggressive" monetary policy by the US Fed.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Philippines , peso

   

Next In Aseanplus News

Malaysia, China sign MOU on digital telecommunications cooperation
Asean News Headlines as at 9pm on Wednesday (Sept 28)
Warmer days, chillier nights: Expect more serious extreme weather in Singapore
Philippines is ‘open for business’ with new Clark Airport terminal: Marcos
Typhoon Noru sees 16 dead as floods hit Mekong region
Exclusive-Vietnam preparing rules to limit news posts on social media accounts - sources
Eat, pray, reflect: Spending time in a South Korean Buddhist temple
Storm Noru to weaken before entering Thailand
Malaysian director Lau Kok Rui’s HK film receives 6 noms at Golden Horse Awards; including for lead actor Anthony Wong
Japan plans to set criteria for state funerals after controversial Abe send-off

Others Also Read