The peso hits a new record low at P57.48 against the US dollar

The Philippine peso fell to a new low of P57.48 against the US dollar on Tuesday.

According to the Philippine Bankers Association, the peso opened trading against the dollar at P57.4. The local currency was also trading between P57.355 and P57.5, losing 0.8 centavos from Monday’s closing price of P57.4.

Turnover on Tuesday totaled $967 million, from $508.4 million on Monday.

The US dollar rose further after the US Federal Reserve hinted at the possibility of another rate hike to control inflation in the US.

The peso is trading at P57 against the US dollar and has reached all-time lows recently due to the continued strength of the US currency due to the continued rise in key interest rates of the Federal Reserve.

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Meanwhile, Bangko Sentral ng Pilipinas is scheduled to hold a policy setting meeting on Thursday.

BSP said last week that the exchange rate of the Philippine peso and the US dollar averaged P52.64:1 in the second quarter of 2022.

“On a quarterly basis, the peso declined 2.1% from the average of P51.53:$1 in the first quarter of 2022,” BSP said in a statement.

However, the central bank confirmed that it does not set a target exchange rate for the peso against the US dollar.

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