All-time low: Peso breaches Php57 vs US dollar

All-time low: Peso breaches Php57 vs US dollar

Manila: The Philippine peso sank further on Tuesday to an all-time low after touching Php57 vs $1 for first time as investors continued to flock to the safe-haven currency. A drop in the peso value provides a windfall for overseas Filipino workers who remit their earnings in dollars, or in currency pegged to the US greenback. latest forex | gold rates. The new record low, at Php57.12 was hit at about 4.45pm Tuesday (12.45 pm UAE time) after the Philippine currency finished on September 5 at Php56.999, and hitting an intra-day low breaching the Php57 mark from Php56.77 on Friday. The peso’s previous weakest level was Php56.45 was recorded on Sept. 27, 2004. Analysts explained the peso’s downward slide was in anticipation for additional hikes in the Fed’s key policy rates to address US red-hot inflation rate. The peso has weakened nearly 12% from its Php51-per-dollar close on Dec. 31, 2021. Data from the US labour department showed the economy added 315,000 jobs in August, marking the 20th straight month of jobs growth. However, the US unemployment rate also rose to a six-month high as nearly 800,000 people entered the labour market, driving the size of the labor force to