THE Philippine peso fell to a new low of P57.48 against the United States dollar on Tuesday.

According to the Bankers Association of the Philippines, the peso opened trading against the dollar at P57.4. The local currency also traded between P57.355 and P57.5, and lost 0.8 centavos from Monday’s closing price of P57.4.

Tuesday’s total volume of transactions reached $967 million from $508.4 million Monday.

The US dollar has surged even more after the US Federal Reserve hinted at the possibility of another significant rate hike to control inflation in the United States.

The peso is trading at the P57 level against the US dollar and has reached new all-time lows recently due to the continued strengthening of the greenback given the sustained rise in the Federal Reserve’s key rates.

Meanwhile, the Bangko Sentral ng Pilipinas is set to hold a policy-setting meeting on Thursday.

The BSP said last week that the Philippine peso-US dollar exchange averaged P52.64:$1 in the second quarter of 2022.

“On a quarter-on-quarter basis, the peso depreciated by 2.1 percent from an average of P51.53:$1 in the first quarter of 2022,” said BSP in a statement.

However, the central bank underscored that it does not set a target exchange rate for the peso to the US dollar.