Peso closes at record low 58.49

The peso exchange rate went down for the third straight day, lower for the sixth day in seven trading days, by 0.49 or 0.8 percent to close at a new record low of 58.49 on Thursday.

The peso exchange rate has opened weak at 58.10, at a high of 58.25, low of 58.00, latest at 58.22, an average of 58.406, volume at $1.51481 billion.

"Continued peso weakness, despite the latest 0.50 local policy rate hike to 4.25 percent, could lead to higher import prices and overall inflation, as the peso already depreciated by 14.7 percent since the start of 2022," chief economist Michael Ricafort of Rizal Commercial Banking Corp. said.

Ricafort added that offsetting positive factor for the peso: Peso lower global crude oil prices to among one-week lows and also near eight-month lows nevertheless (nymex at $83 per barrel levels), which could somewhat reduce the country's oil import bill and ease inflation, going forward.