Philippine currency peso hits new record low at 58 to USD-Xinhua

Philippine currency peso hits new record low at 58 to USD

Source: Xinhua| 2022-09-21 18:34:30|Editor: huaxia

MANILA, Sept. 21 (Xinhua) -- The Philippine currency peso plunged to a new record low against the U.S. dollar, closing at 58 pesos on Wednesday, according to data from the Bankers Association of the Philippines.

The new record breached the 57.48 pesos recorded on Tuesday. The new low is the eighth time the Philippine currency fell to an all-time low, depreciating by 13 percent.

The U.S. dollar continues to strengthen against other currencies amid the Russia-Ukraine conflict and the U.S. Federal Reserve's recent policy actions to raise interest rates to curb inflation.

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