As a result of market participants’ anticipation of higher interest rates in the United States, the value of the dollar has strengthened further at the expense of other currencies. The Philippine peso finished the day at a fresh all-time low of 58 to $1.

The local currency started the trading day at 57.70 pesos to one dollar, which was already lower than the previous day’s closing rate of 57.48 pesos to one dollar. Throughout the course of the day, it lost 52 centavos, which brought it to the same level as its intraday low.

On September 20-21, the Federal Reserve of the United States will convene their most recent policy meeting. It is largely anticipated that during this meeting, the American central bank will continue to raise the benchmark interest rate by 0.75 percentage points.

As a result of the persistent increase in US interest rates, the value of the US dollar is currently at its highest level in decades. This is due to the fact that rising yields on US debt instruments are driving up demand for the greenback.


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