Peso Plunges to New Record-Low Against US Dollar
The Philippine peso has hit a new record-low against the US dollar, closing at P62.265:$1 on Friday and marking its second straight day of setting an all-time low.
This marks a decline of 37.7 centavos from Thursday's finish of P61.888:$1, with the local currency opening at P62.05:$1 and hitting as low as P62.27:$1 during intraday trading.
According to Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., 'The greenback strengthened anew on Middle East worries and ahead of the Jackson Hole speech by Fed Chair Warsh.' Central bankers and economists from around the world are gathering in Wyoming for a top-level symposium, with Federal Reserve's Kevin Warsh set to deliver a keynote address.
Ravelas also noted that 'despite the 25-basis-point BSP rate hike, the peso is likely to trade within the 61.900-62.300 range, with geopolitical risks continuing to drive sentiment.'