The peso slightly recovered after the local currency breached the P59-level during Wednesday’s trading as the US Federal Reserve takes a more aggressive stance to quash excessively high inflation.
The Philippine peso closed P58.98 against the greenback Wednesday, Sept. 28, marginally higher compared with P58.99 close on Tuesday.
Peso opened P58.95 and touched the P59-level intraday early Wednesday. The local currency traded in a high of P59.02 and low of P58.88 against the greenback.
Total volume turnover amounted to $1.197 billion from $1.062 billion Tuesday, according to the Bankers Association of the Philippines.
Earlier, US Fed shrugged off increasing global market volatility due to its aggressive monetary tightening, saying its priority remained controlling domestic inflation, which is seen to cool substantially over the next two years.
The US’ inflation has already risen at its fastest pace in more than four-decades.