Philippine peso again hits historic low of P59 to US dollar
Arthur Fuentes,
Benise Balaoing,
ABS-CBN News
Published Nov 21, 2024 05:07 PM PHT
MANILA - The Philippine peso again hit a historic low of P59 to the dollar at the close of Thursday's trading, which was its weakest level in more than two years.
MANILA - The Philippine peso again hit a historic low of P59 to the dollar at the close of Thursday's trading, which was its weakest level in more than two years.
The last time the local currency was this low was on October 17, 2022.
The last time the local currency was this low was on October 17, 2022.
The Bangko Sentral ng Pilipinas earlier said that the peso's depreciation was not because of it weakness but because the US dollar was strong, noting that other currencies had also depreciated versus the dollar.
The Bangko Sentral ng Pilipinas earlier said that the peso's depreciation was not because of it weakness but because the US dollar was strong, noting that other currencies had also depreciated versus the dollar.
On Wednesday, the US dollar further firmed up against other currencies as analysts said the US Federal Reserve was not likely to make another interest rate cut next month.
On Wednesday, the US dollar further firmed up against other currencies as analysts said the US Federal Reserve was not likely to make another interest rate cut next month.
This was after a Fed official said the US central bank should be careful not to cut rates "too quickly" and risk reigniting stubborn inflation.
This was after a Fed official said the US central bank should be careful not to cut rates "too quickly" and risk reigniting stubborn inflation.
Adrian Yu, Head of Institutional Sales at COL Financial also said the dollar's strength was making other currencies look weak.
Adrian Yu, Head of Institutional Sales at COL Financial also said the dollar's strength was making other currencies look weak.
"Well, the weakness of the peso wasn't just the weakness of the peso. I think we've seen it for all emerging market currencies. It was probably more the strength of the US dollar," Yu said in an interview with ANC.
"Well, the weakness of the peso wasn't just the weakness of the peso. I think we've seen it for all emerging market currencies. It was probably more the strength of the US dollar," Yu said in an interview with ANC.
He said that after the election victory of Donald Trump, "markets were trading into the US dollar quite heavily, thinking that rates would be more sustained, more elevated."
He said that after the election victory of Donald Trump, "markets were trading into the US dollar quite heavily, thinking that rates would be more sustained, more elevated."
But Yu also said a seasonal increase in remittances from overseas Filipinos in time for the holidays may also bring some strength back into the peso.
But Yu also said a seasonal increase in remittances from overseas Filipinos in time for the holidays may also bring some strength back into the peso.
"We should, we should see a seasonally strong period. So hopefully this should be the catalyst in the near maybe month or two that we could see some strength back into the peso as we end the year," Yu said.
"We should, we should see a seasonally strong period. So hopefully this should be the catalyst in the near maybe month or two that we could see some strength back into the peso as we end the year," Yu said.
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