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Peso dips further vs US dollar for 5th straight trading day, closes at P57.18

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ABS-CBN News

MANILA - The Philippine peso weakened to another historic low for the fifth straight trading day against the US dollar, closing at P57.18 on Thursday. The currency on Wednesday closed at <a href="https://news.abs-cbn.com/business/09/07/22/peso-hits-new-historic-low-of-p57135-to-us-dollar">P57.135</a> to a dollar. The US dollar is expected to continue its rally, which can cause further depreciation to other currencies such as the Japanese Yen, Korean Won and the Philippine peso, IFE Management Chief Financial Architect Enrique Fausto told ANC. “As they [Fed] increase interest rates further, even at a risk of a recession, then it means there will be more dollar strength moving forward,” he said. The Philippines&#x27; economic recovery and the increased imports are also contributing to the peso depreciation, Fausto added.Analysts are expecting the Bangko Sentral ng Pilipinas to hike interest rates in the next meeting to stabilize the currency and tame inflation. Fausto said the peso could weaken further to P58 to P60 “if the BSP is not able to increase interest rates at least to match what the US Fed is doing.”The next policy setting meeting will be held on Sept. 22.Previous peso-dollar closing rates:* Sept. 2 = ₱56.77 * Sept. 5 = ₱56.999 * Sept. 6 = ₱57 * Sept. 7 = ₱57.135<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/06/22/peso-weakens-further-to-p57-to-us-dollar-on-sept-6">Peso weakens for 3rd straight day, closes at P57 to US dollar</a></li>	<li><a href="https://news.abs-cbn.com/business/09/05/22/peso-weakens-further-to-p56999-to-us-dollar">New all-time low: Peso weakens further to P56.999 per dollar on Sept. 5</a></li></ul>

The Philippine peso weakened to another historic low for the fifth straight trading day against the US dollar, closing at P57.18 on Thursday. 