Peso sinks further past 62 to new low
The Philippine peso hit a fresh record low against the US dollar, falling to 62.40 on Tuesday. Persistent high oil prices, geopolitical uncertainties, and a broadly stronger dollar weighed on the currency, overwhelming the central bank's recent interest rate hike.
This article requires PRO
This article is outside the free access window or is a special report. PRO unlocks it and the full archive.
Related articles
- Philippine Peso Hits Record Low Above 62.50 Per Dollar
The Philippine peso plunged to a new record low of 62.565 against the US dollar on Wednesday, as renewed Middle East tensions fueled inflation concerns and boosted demand for safe-haven assets. Despite the central bank raising its inflation outlook, interest rate hikes have had a limited impact.
- Peso hits new record low of 62.40:$1
The Philippine peso hit a new record low against the US dollar, closing at 62.40. Rising US Treasury yields, tighter Federal Reserve policy, and elevated oil prices are primarily driving the dollar's strength. Overseas remittances may offer some support to the peso.
- Philippine Peso Hits New Record Low of 62.35 to the Dollar
The Philippine peso hit a new record low against the US dollar, trading at 62.35 pesos per dollar. The currency's weakness is attributed to broad US dollar strength and rising oil prices, with the central bank's recent rate hike having a limited impact.