Peso plunges to an all-time low at P57.43 against dollar

File photo.

September 16, 2022

After gaining slightly on Thursday, the Philippine peso plunged to its lowest on Friday, closing at P57.43 versus the United States dollar.

Data from the Bankers Association of the Philippines said the latest record low had beaten the P57.18 reported last 8 September.

The further strengthening of the US dollar against the Philippine peso was attributed to US Federal Reserve Chair Jerome Powell’s statement of another big-time rate hike next week to tame the spiking inflation in the US.

The US Fed is opting for a third straight 0.75 percentage point interest rate hike when it meets on 20-21 September.

On Thursday, the peso closed to P57.16:$1.

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