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Peso sinks to new all-time low of 58 against US dollar

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The peso shed P0.52 to close at 58 against the greenback Wednesday, down from 57.48 Tuesday. Total trade volume reached $1.051 billion, up from $967 million a day earlier. READ:

The peso shed P0.52 to close at 58 against the greenback Wednesday, down from 57.48 Tuesday. Total trade volume reached $1.051 billion, up from $967 million a day earlier.

Michael Ricafort, chief economist of Rizal Commercial Banking Corp., said the 58 intraday level of the peso was also the new intraday record low.“This could lead to higher import prices and overall inflation, as well as could lead to more aggressive local policy rate hike especially on Sept. 22, 2022 to help stabilize the peso, inflation and inflation expectations,” Ricafort said.

Robert Dan Roces, chief economist of Security Bank, said the continued peso weakness was due to “US dollar strength and positioning still ahead of the Fed and BSP meetings.” The Bangko Sentral ng Pilipinas would hold its policy meeting Thursday.

 

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