The Philippine peso hit a brand new all-time low in opposition to the US greenback on Friday because the dollar rallied amid a hawkish US Federal Reserve.
The native foreign money misplaced 35 centavos from Thursday’s end of P56.42:$1 to shut at P56.77:$1 on Friday.
It is a new report low for the native unit, surpassing the sooner all-time low of P56.45:$1 on October 14, 2004.
The peso additionally registered an intraday low of P56.90 earlier than closing at P56.77.
The native foreign money has shed P5.771 or 11.3% because the begin of 2022, in opposition to the P50.999:$1 as of end-2021.
Rizal Business Banking Corp. chief economist Michael Ricafort attributed the native unit’s weak point to “the stronger US greenback versus main international currencies and the benchmark 10-year US Treasury yield at a brand new two-month excessive of three.25% amid extra hawkish Fed indicators just lately to carry down elevated inflation.”
Reuters reported on Wednesday that Fed chair Jerome Powell’s hawkish remarks about holding financial coverage tight “for a while” dashed hopes of extra modest rate of interest hikes.
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Ricafort stated the subsequent resistance for the peso is the “psychological” P57.00:$1.
Rates of interest are among the many instruments utilized by central banks to stabilize inflation by way of controlling the cash provide by elevating borrowing prices.
Increased borrowing prices may make shoppers and companies spend much less, thereby lowering financial exercise or reducing demand and finally reducing costs.
Acknowledgement: This text is sponsored by Usapang Hanapbuhay.
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