The peso exchange rate on 15 September closed weaker at 57.16 against the dollar for the second straight day — near the closing record low of 57.18 on 8 September. (The record intraday low of 57.33 was posted on 7 September).
"In line with the upward correction of the dollar against major global currencies recently, higher global crude oil prices corrected to one-week highs, but still among seven-month lows, higher local interest rates and bond yields," chief economist Michael Ricafort of Rizal Commercial Banking Corp. told Daily Tribune.
"The peso was also weaker after the modest growth in OFW remittances data, partly because of the elevated inflation and higher interest rates in the US and in other countries that weighed on OFW incomes, as well as the higher dollar/peso exchange rate in recent months, which required less amount of OFW remittances dollars to pay for the same expenses in pesos," Ricafort explained.
