The peso exchange rate against dollar closed at P58.00 Wednesday, 21 September, a new record low as the rate went down for the fifth day in six trading days.
Chief economist Michael Ricafort of Rizal Commercial Banking Corp. told Daily Tribune that this could lead to higher import prices and overall inflation, and more aggressive local policy rate hike/s, especially on 22 September to help stabilize the peso, inflation, and inflation expectations.
The peso rate has opened weak at 57.70, at a high of 57.85, low of 57.70.
Since the start of 2022, the peso already depreciated by a total of P7.001 or 13.7 percent (against 50.999 by the end-2021).
The peso exchange rate tomorrow could range from P57.85 to P58.05 levels, according to Ricafort.
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