Philippine peso slips to new historic low as dollar strengthens
The Philippine peso fell to a fresh record low against the US dollar, trading as weak as 63.23 per dollar after opening at 63.03.
On Friday, the peso opened at 63.03 per dollar and dropped to an intraday low of 63.23, surpassing the previous record of 63.15 set the day before. The decline was driven by expectations that the United States will raise interest rates further, boosting the greenback. Data from the Bankers Association of the Philippines confirmed the movement. Analysts linked hotter-than-expected US inflation in September to the heightened likelihood of another Federal Reserve hike.
Why it matters
A weaker peso raises import costs and could strain the Philippines' economy and households.
In this story
pesodollarrecord lowUS interest ratesinflationFederal Reserveexchange ratePhilippines
