The Philippine Peso on Wednesday, 23 November, strengthened to P56.94 to a US Dollar from P57.375 on Tuesday.

It opened the day at P57.25, an appreciation from its P57.45 start in the previous session.

It traded between P57.33 and P56.94, resulting in an average of P57.935.

Volume reached $684.4 million, higher than the $527.82 million on Monday.

Since the start of 2022, the US dollar has still increased by a total of +P5.941 pesos or +11.6 percent.

This year-to-date performance is still somewhat similar to other regional currencies such as the Chinese yuan, Indonesian rupiah, Indian rupee, Malaysian ringgit, and Thai baht.

Rizal Commercial Banking Corporation chief economist Michael Ricafort traced the peso's performance on Wednesday to the Federal Reserve officials' hawkish remarks regarding the need for further hikes in the Fed rates.