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Philippine Peso Hits Record Low for Fourth Straight Session Amid Inflation Woes
The Philippine peso has fallen past the 62.5-per-dollar mark, marking a fresh record low for the fourth consecutive session. Lingering inflation concerns are weighing on the currency, which remains Asia's "weakest link" despite recent rate hikes by the central bank.
MANILA, Philippines — The Philippine peso fell past the 62.5-per-dollar level to a fresh record low, extending its losing streak amid lingering inflation concerns. The currency weakened 16.5 centavos to close at 62.565 per dollar, according to Bankers Association of the Philippines data. It touched an intraday low of 62.69 before paring losses. READ: Peso sinks further past 62 to new low Trading volume rose to $1.8 billion from $1.3 billion in the previous session. The peso has now set a record low for four straight sessions. READ: Record-low peso hurting Filipino consumers On Tuesday, the peso closed at a record-low 62.40 as higher oil prices, geopolitical risks, and a stronger dollar weighed on the currency.Earlier, MUFG Bank Ltd. said the Philippine peso remains Asia’s “weakest link,” despite the central bank’s recent rate hike, as policymakers balance inflation control with weak economic growth. /pai
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