The local currency lost 49 centavos to the US dollar from Wednesday's P58:$1 after it opened at P58.1 and traded between P58.0 and P58.5.Thursday's volume also hit $1.51481 billion, higher than the previous session's $1.05115 billion.This also is the ninth record-high closing rate for the US dollar/peso exchange rate since the start of this year.Since the start of 2022, the peso has depreciated by P7.491, or 14.7 percent, versus P50.999 by the end-2021.
ING Bank, for its part, said that the dollar further strengthened against other currencies following the American central bank's hawkish move.'With the Fed set to hike a further 100-125 basis points [one ppt to 1.25 ppt] this year, this all points to an even stronger dollar,' ING Bank said.Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila explained during the Monetary Policy Stance press briefing on Thursday that the peso's movement is natural in a growing economy.
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