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MANILA, Philippines – The Philippine peso closed the week at a new record low, pressured by a resurgent US dollar as expectations grew that the Federal Reserve (Fed) could keep interest rates high this year in response to rising inflation.
The currency weakened by 8.1 centavos from its previous record to finish at 61.721 to the dollar, according to data from the Bankers Association of the Philippines.
It briefly slid to an intraday low of 61.73 before trimming some losses.
READ: Key Fed official sees possible rate hike amid higher gas prices, inflation concerns
