The peso exchange rate went down by 0.08 or 0.1 percent, closing at 57.48 against the US dollar on Tuesday, after earlier reaching a new intraday record high of 57.50.

The exchange rate has opened at 57.40, high of 57.40, low of 57.355, and latest at 57.37.

"The peso also weakened after the benchmark 10-year US Treasury yield posted new 11-year high of 3.52 percent on September 19, now at 3.51 percent that also increases the dollar-denominated bond yields," chief economist Michael Ricafort of Rizal Commercial Banking Corp. told Daily Tribune.

"The peso also weaker after the balance of payments [BOP] deficit data from January-August 2022 widened by more than five times compared to the same period last year: $5.492 billion; more than five times wider against $253 million same period last year [January-August 2021]," he added.

Ricafort said this "may be largely brought about by the significantly wider trade deficits as imports have been bloated by elevated global commodity prices earlier this year largely attributed to the Russia-Ukraine war since February 24 as well as the further re-opening of the economy toward greater normalcy that also led to some pick up in imports."

Moreover, the economist added that offsetting positive factor for the peso are global crude oil prices among one-week lows; also near eight-month lows (Nymex crude oil price at $85 per barrel levels) that led to the latest large rollback in local diesel prices, by about P4.15 per liter and could also lower the country's oil/commodity imports.

"Since the start of 2022, the peso already depreciated by a total P6.481 or 12.7 percent [against 50.999 in end-2021]," Ricafort said.