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Philippine Peso Hits New All-Time Low Against US Dollar
The Philippine peso has fallen to a fresh record low against the US dollar, as traders adjusted positions in anticipation of upcoming US inflation data and the prospect of further Federal Reserve interest rate hikes. Geopolitical uncertainties are also contributing to the peso's weakness.
MANILA, Philippines — The Philippine peso fell to a fresh record low against the dollar on Tuesday as traders positioned for US inflation data later this week and weighed the prospect of higher Federal Reserve interest rates. The peso declined 3.9 centavos to 62.625 per dollar, surpassing its previous record closing low of 62.59 set Sept. 4, according to Bankers Association of the Philippines data. READ: Peso touches new low with 63 vs $1 in sight The currency touched an intraday low of 62.675 before paring the decline. Trading volume increased to $1.4 billion from $1.2 billion in the previous session. “The peso reached new lows on growing market expectations that the US central bank might deliver a policy rate hike next week amid elevated US inflation and strong labor reports,” a trader said. “The peso might remain weak as lingering geopolitical uncertainties likewise weigh on safe-haven demand for the greenback.” /pai
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