Fears of hawkish US Fed drive peso to new record low

The Philippine peso closed at yet another record low, ending at 58:$1 on Wednesday hours ahead of the announcement of a United States Federal Reserve monetary policy decision that is widely expected to be another large increase on interest rates. The local currency opened trading at 57.70:$1 which was already weaker than the previous day's closing of 57.48:$1, and lost 52 centavos to close at the same level as its intraday weakest. It was the eighth time that the peso sank to a new record low in 14 trading days since hitting 56.77:$1 on Sept. 2. The US Fed is holding their latest policy meeting on Sept. 20-21, through which the American central bank is widely expected to further...

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