The Philippine peso continues to slide.
For its sixth consecutive trading day, the Philippines’ currency continued its downward trend.
On Wednesday, April 17, the exchange rate between the US dollar and Philippine peso closed at $1 is to ₱57.18.
It is eighteen cents lower the yesterday’s close, which stood at a dollar to ₱57.00.
Today’s exchange is also the peso’s weakest day since November 22, 2022, when it closed at ₱57.345 versus a dollar.
However, it is still far from the all-time low of ₱59.00, which was recorded that same year.
To blame for the weakened performance of the peso in recent days are the geopolitical conflicts occurring in the Middle East region, which have also likewise impacted other markets in other parts of Asia.
However, according to Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona, Jr., the current slump in the performance of our local currency could also be attributed to the strong performance of the US dollar.
This, as the recent developments in the states’ Federal Reserve, which might not implement rate cuts until September 2024.