MANILA. Sept. 16 (Xinhua) -- The Philippine currency peso fell to a new record low against the U.S. dollar, closing at 57.43 pesos on Friday, breaching the 57.18 pesos recorded on Sept. 8.
Data from the Bankers Association of the Philippines showed that the peso plunged to as low as 57.44 during intraday trading.
Since the beginning of this year, the Philippine currency has lost over 11 percent of its value against the U.S. dollar.
Analysts said the peso's weakening was due to the strengthening of the U.S. dollar led by the U.S. Federal Reserve's rate hikes amid rising inflation.
The Asian Development Bank warned Wednesday of multiple risks that have continued to weigh down investor sentiment, including concerns about persistent inflation, faster-than-expected U.S. monetary tightening, lingering impacts of the COVID-19 pandemic, and geopolitical tensions. ■