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The Philippine peso hit a new all-time low against the US dollar on Friday as the greenback rallied amid a hawkish US Federal Reserve.


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.

You may check the real-time USD-PHP exchange using Google Finance.

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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.

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Ricafort said the next resistance for the peso is the "psychological" P57.00:$1.

Locally, the Bangko Sentral ng Pilipinas has been signaling further policy tightening to tame inflation.

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.

Bisitahin ang Usapang Hanapbuhay Facebook Group para sa iba pang tips at mga diskarte sa pera!

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Peso sinks to record low of P56.77 vs. US dollar

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

The Philippine peso hit a new all-time low against the US dollar on Friday as the greenback rallied amid a hawkish US Federal Reserve.


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.

You may check the real-time USD-PHP exchange using Google Finance.

Loading...

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:

Shopee is my go-to app for things I needed like the ones above. If you'd like discounts and vouchers, you may get the best offers here:

Ricafort said the next resistance for the peso is the "psychological" P57.00:$1.

Locally, the Bangko Sentral ng Pilipinas has been signaling further policy tightening to tame inflation.

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.

Bisitahin ang Usapang Hanapbuhay Facebook Group para sa iba pang tips at mga diskarte sa pera!

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

Like Usapang Hanapbuhay Facebook page for other updates!
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