The Philippine peso closed Wednesday’s trade at P46.32 to $1—a new five-year low—as better producer prices from the US heightened the market’s anticipation of a Federal Reserve interest rate hike in September.

The local unit lost 11 centavos from its previous close of P46.21. Monday’s close marks the weakest finish for the peso since it settled at P46.49 on July 22, 2010.

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