Philippine peso sinks to new record low at 58.50 to USD

The Philippine peso slid anew to a record low against the U.S. dollar for the fourth straight day, closing at 58.50 pesos on Friday, according to data from the Bankers Association of the Philippines.

The new record breached the 58.49 pesos recorded on Thursday, the tenth time the Philippine currency fell to an all-time low, depreciating by over 13 percent.

The peso weakened following the U.S. Federal Reserve’s sharp interest rate increase overnight, which caused the U.S. dollars to rally.

Some analysts have expressed their concerns about a continuing depreciation of the peso due to the “aggressive” monetary policy by the U.S. Fed.