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Philippine Peso Hits Record Low Amid Stronger Dollar, Fed Hike Bets
The Philippine peso hit a record low against the US dollar, trading at 62.77 on Monday. The currency was weighed down by rising bets on further US Federal Reserve rate hikes and a stronger dollar fueled by Middle East tensions.
The Philippine peso extended its record-breaking slide on Monday, opening the new trading week at a fresh low as a stronger dollar and rising bets on a US Federal Reserve rate hike weighed on the currency. The peso opened at 62.62 per dollar and weakened to an intraday record of 62.77, extending a run of losses that has pushed the currency deeper into the 62 territory. The dollar got a boost from growing expectations of a new tightening cycle of US monetary policy, as renewed tensions in the Middle East fueled concerns that higher energy prices could add to inflationary pressures, Reuters reported.
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