Highest Dollar To Philippine Peso Exchange Rate History
The Philippine peso has been the official currency of the Philippines since 1949. It is abbreviated as PHP and is used for daily transactions in the country. Meanwhile, the United States dollar is the most traded currency in the world and is used as a reserve currency by many countries. The exchange rate between these two currencies has been fluctuating over the years, and the highest dollar to Philippine peso exchange rate history is worth knowing.
What is exchange rate?
Exchange rate refers to the value of one currency in relation to another. It is the rate at which one currency can be exchanged for another. Exchange rates are determined by the supply and demand of currencies in the foreign exchange market.
Factors affecting exchange rate
There are many factors that affect exchange rate. Some of the factors include:
- Country's economic performance
- Inflation rates
- Interest rates
- Political stability
- Market speculation
Historical exchange rate between the US dollar and Philippine peso
The exchange rate between the US dollar and Philippine peso has been fluctuating over the years. Here are some of the highest dollar to Philippine peso exchange rate history:
1984 - 20.50 PHP
In 1984, the exchange rate between the US dollar and Philippine peso reached its highest at 20.50 PHP. This was due to the political instability in the Philippines during that time.
1998 - 46.00 PHP
In 1998, the exchange rate between the US dollar and Philippine peso reached 46.00 PHP. This was due to the Asian financial crisis that affected many countries, including the Philippines.
2001 - 56.00 PHP
In 2001, the exchange rate between the US dollar and Philippine peso reached 56.00 PHP. This was due to the 9/11 terrorist attacks in the United States, which caused a global economic slowdown.
2004 - 56.40 PHP
In 2004, the exchange rate between the US dollar and Philippine peso reached 56.40 PHP. This was due to the political instability in the Philippines during that time.
2018 - 54.51 PHP
In 2018, the exchange rate between the US dollar and Philippine peso reached 54.51 PHP. This was due to the strengthening of the US economy and the weakening of the Philippine economy.
Conclusion
The exchange rate between the US dollar and Philippine peso has been fluctuating over the years due to various economic and political factors. Knowing the highest dollar to Philippine peso exchange rate history can help us understand the economic situation of the Philippines and the world.