Peso closes at P59:$1 to mark 12th all-time low in 2022

The Philippine peso posted its worst showing against the US dollar on Monday, marking the 12th all-time low of the currency so far this year with further policy tightening expected in the United States.

The local unit shed 32.5 centavos to close at P59:$1 from last Friday’s P58.625:$1.

The latest close came after three straight days of appreciation, and is the weakest performance of the peso on record after surpassing the P58.99:$1 close last Tuesday, September 27, 2022.

This is also the 12th all-time low of the peso against the US dollar so far this year, after the previous records on September 2 (P56.77:$1), September 5 (P56.999:$1), September 6 (P57.00:$1), September 7 (P57.135:$1), September 8 (P57.18:$1), September 16 (P57.43:$1), September 20 (P57.48:$1), September 21 (P58$1), September 22 (58.49:$1), September 23 (P58.50:$1), and September 27 (P58.99:$1).

With the latest close, the peso has now depreciated by P8.00 or 15.7% from the P50.999:$1 during the last trading day of 2021. —NB, GMA News