As inflation hits its peak for the past nine years, the Philippine peso also fell to its lowest rate of P53.55 on September 5, 2018, for the first time in twelve years.
The last time the Philippine currency was this low was on June 28, 2006 at P53.575 per dollar.
From P53.535 on Tuesday, September 4, the foreign exchange to US dollars closed today at P53.55.
In an interview with GMA News, Rizal Commercial Banking Corp. Economist Michael Ricafort said that the higher inflation led to weaker peso today.
The Philippine Statistics Authority recorded the inflation rate in August 2018 at 6.4 percent, a new high in nearly a decade since the March 2009, 6.6 percent.
Ricafort added that the high inflation reduced the purchasing power of the peso, weakening it against other currencies.
Meanwhile, the Dirham-Peso exchange rate is around P14.57 per dirham as of September 5, 2018, which is 0.01 higher than yesterday’s 14.5676.