The highest exchange rate recorded by the Bankers Association of the Philippines on Tuesday, September 20 was the newest all-time low trade rate of the Philippine peso against US dollar at P57.5, following an opening rate of P57.4 on the same day.
The rates closed at P57.4, a consistent average for the week which has seen a continuous dropping trend.
Read: OFWs advised to buy ‘gold, property’ as Philippine peso sinks further to P57.43 vs US dollar
The drop in the rates has been significantly immense beginning the first week of September where an increase in OFW remittance has been noted by some global remittance centers in the UAE.
Read: OFWs in Middle East send home more money as PHP vs USD highest exchange rate hit P57 today
Meanwhile, the exchange rate of Philippine peso and dirhams on the same day averaged at P15.6 per dirham.
