Peso weakens to 58:$1 as steady Fed rate extends dollar gains
Provided by Philippine Daily Inquirer.
MANILA, Philippines — The peso retreated to the 58-level against the US dollar on Thursday morning as the US Federal Reserve’s decision to keep interest rates steady propped up the greenback.
The peso’s worst showing stood at 58.06 against the dollar during the morning trade. The local currency previously closed at 57.115:$1.
The dollar extended its rally after Fed chair Jerome Powell dashed investor hopes for a rate cut, while offering little indication of when borrowing costs might be reduced. /dda
READ: US Fed holds firm against Trump pressure as divisions emerge
(2025/07/31-10:04)
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