BusinessWorld E-paper
June 30, 2022
THE PESO sank to the P55-a dollar level on Wednesday — its weakest in more than 16 years—amid fears of a recession in the United States and after officials of the US Federal Reserve said they would try to bring inflation within target.
The local currency closed at P55.06 a dollar, weakening by 29 centavos from its P54.77 close on Tuesday, according to data from the Bankers Association of the Philippines posted on its website. It was its weakest level since it closed at P55.08 on Oct. 27, 2005.
