Philippine peso sinks to new record low at 59 to US$1

MANILA, Oct. 3 (Xinhua): The Philippine peso slid to a new record low to the US dollar, closing at 59 pesos on Monday, according to data from the Bankers Association of the Philippines.

The new record breached the 58.99 pesos recorded on Sept 27, 2022.

The new low is the twelfth time the Philippine currency fell to an all-time low, following the US Federal Reserve's sharp interest rate increase overnight, which caused the dollars to rally.

Since trading at 50.999 pesos to the dollar at the end of 2021, the peso has depreciated by over 15 per cent to the greenback.

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